Paul Krugman is wrong about inflation

Rampant inflation in recent months has, rightly, become a political issue. With overall inflation at 6.8% and durable goods inflation at a shocking 14.9%, commentators from across the political spectrum are weighing in.

A particularly pressing issue is the effect of this inflation on people at or below the poverty line. In a post on Twitter, Paul Krugman, a well-known economist and commentator, poses the following question: “Is there any good reason to believe that inflation hits low-income households especially hard?”