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Stop Being an Idiot: Paul Krugman Calls Bidenomics ‘Triumph that Nobody Appreciated’
Pseudo economics savant Paul Krugman just can’t give up trying to sell the snake oil of Bidenomics as being the unsung hero of the economy that the supposedly dumb plebeians just couldn’t appreciate.
Seriously, bro. Just take the “L” and move on.
Krugman plastered another piece of rambling gobbledygook on his Substack page November 16 trying to draw parallels between the Trump and Biden economies. Unlike Trump, snooted Krugman, there was a “surprisingly strong case for Bidenomics.”
Oh, but wait! He took it a step further: He referred to the inflationary disaster President Joe Biden inflicted on the economy with his outrageous spending policies as the “[t]he triumph that nobody appreciated.” He’s been engaging in this kind of stupidity throughout the Biden administration, constantly trying to gloss over the fact that he got his "transitory" inflation calls spectacularly wrong.
As early as 2023 — while inflation was still running hot, Krugman was bleating that the Biden economy was “remarkably successful, even if nobody will believe it.”
My goodness. It’s like watching Jim Carrey’s character Fletcher Reede from Liar Liar (1997) trying desperately to go unconscious by beating himself to a bloody pulp.
What new, profound new evidence did Krugman use to support his wobbly argument? Well, nothing he hasn’t already blurted out in the past, such as his out-of-context ballyhooing over GDP growth. “The U.S. economy also vastly outperformed other advanced economies. Chart 3 shows real GDP since the eve of the pandemic in the U.S. and the euro area, both expressed as indexes with the fourth quarter of 2019 set equal to 100. U.S. outperformance has been huge.” But what Krugman conveniently left out was that much of this growth was artificial stimulus brought on by the government drastically spiking its debt.
In 2023 alone, economist Brian Wesbury analyzed that about half of the 3.1 percent GDP growth came from government spending. Fellow economist Daniel Lacalle wrote in a November 17, 2024, column that “An unsustainable increase in government spending and federal debt bloated the official GDP, making gross domestic income significantly weaker than headline GDP.” Did Krugman bother mentioning any of this? Of course not. He’s too busy kissing Biden’s toes.
Krugman even had the temerity to claim that “global forces” such as supply chain disruptions, “not U.S. policy, were the main drivers of the Covid inflation spike.” Yeah, okay Krugman. The MIT Sloan School of Management admitted in July 2024 that “some policymakers — up to and including President Joe Biden — blamed shortages in the supply chain. But a new study shows that federal spending was the cause — significantly so.”
Senior MIT Senior Lecturer of Finance Mark Kritzman, one of the authors of the research, added: “Our research shows mathematically that the overwhelming driver of that burst of inflation in 2022 was federal spending, not the supply chain.” Also, economist John Cochrane stated unequivocally in an interview for the Stanford University Graduate School of Business that “inflation mostly came from the government’s $5 trillion in COVID and post-COVID deficits.”
The government, said Cochrane, “essentially sent people $5 trillion with no plans to pay the money back. People tried to spend it, driving up prices. The Fed eventually raising interest rates made inflation come down a bit faster than it would have otherwise, but it was going to go away on its own anyway. There is no magic momentum to inflation. Stop pushing, and it stops.”
Oops! And yet Krugman in his new piece actually accused President Donald Trump’s administration of “lying.” Projection much?
It’s quite a marvel to see when a Nobel prize winner such as Krugman is so determined to nuke his career into oblivion by perpetually acting like the consummate class clown. No one can or should take him seriously on anything.