Showing posts with label Why are Americans still down on the economy. inflation. Show all posts
Showing posts with label Why are Americans still down on the economy. inflation. Show all posts

Wednesday, March 20, 2024

Wages are up, grocery prices are going down, and inflation is under control! Paul Krugman slings Joe Biden's bullshit

 President Biden issued a statement a few days ago assuring us that the economy is robust and we're all getting richer. Here is what he said:

Inflation is down two-thirds from its peak, and annual core inflation is the lowest since May 2021. Wages are rising faster than prices over the last year and since the pandemic. Prices for key household purchases like gas, milk, eggs, and appliances are lower than a year ago. Inflation is down, while unemployment has remained below 4% for the longest stretch in more than 50 years.

In short, Americans have become wealthier since Joe Biden took office. Unfortunately, many Americans are so fuckin’ dumb that they don't realize how prosperous they are.

New York Times columnist Paul Krugman, chief spear carrier for the progressive left, asked why Americans are so down on the economy. Why are they ignoring "fancy statistics" showing that "America is doing pretty well"?

Krugman thinks many Americans have been duped by "the false narrative that the economy is doing badly."

I hate to break it to you, Paul, but that's bullshit. You may not know this, but millions of Americans living on fixed incomes in flyover country do their own grocery shopping. I'm one of those people. Every time I go to the grocery store, I am shocked by the price of food and paper goods.

Property and auto insurance costs have also spiraled upward, rising 26% over last year. Homeowner's insurance costs have risen, too—by 11%.

Krugman urges Democrats to argue that Biden inherited a damaged economy "and led us through the aftermath to a much better place."

I think that's bad advice. If the Democrats want to win this year's presidential election, they need to fall back on the political tactics that have worked so well in the past: race-baiting, ballot harvesting, and frivolous litigation.

 

Paul Krugman: Slinging Joe Biden's bullshit
Photo credit: Leigh Advisory