New York Times economist
Paul Krugman
is at it again. The hard-left Democratic apologist’s latest op-ed comes with the most insane and least self-aware headline ever published in the paper of record, and that is saying a lot: “Beware Economists Who Won’t Admit They Were Wrong.”
The
article
reads like a piece of fiction, celebrating a reduction in the
inflation
rate from
40-year highs
last year and criticizing economists who wisely warned against inflationary spending.
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“From an economic point of view, 2023 will go down in the record books as one of the best years ever — a year in which inflation came down amazingly fast at no visible cost, defying the predictions of many economists that disinflation would require years of high unemployment,” Krugman wrote.
“One of the best years ever” may sound strange to the rubes whom Krugman describes as “unwilling to give the Biden administration any credit” considering prices are still
markedly higher
than pre-pandemic levels and Americans’
personal savings rate
is less than half of the historical average.
If Krugman wants his readers to be wary of economists who often get their predictions dead wrong and refuse to apologize for their failures, he should be advocating against his own employment. The former MIT and Princeton professor and Nobel Prize winner’s list of inaccuracies is as long as the Federal Reserve’s balance sheet.
There are the hilarious misses such as Krugman’s 1998 assertion that “by 2005 or so, it will become clear that the internet’s impact on the economy has been no greater than the fax machine’s” and his
inexplicable defense
of that position. There are the blatantly political hit jobs such as Krugman’s 2016 claim that
Donald Trump
would cause a “
global recession
.” Technically speaking, Krugman got that prediction right, but not until
Democratic activists
wearing lab coats duped the former president into adopting policies that Krugman and his colleagues at the New York Times
supported
.
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Here is Krugman
lying in 2017
by calling conservatives liars for opposing oppressive taxation and leftist economics generally. Of course, if you’ve followed Krugman’s work for any amount of time, you’ve come to expect a steady diet of pieces in which the economist
dutifully defends
Democratic regimes from any and all criticism received as a consequence of their destructive policies.
I’m all ears if Paul Krugman wants to start apologizing for the great many times he has got it wrong. But that would require him to admit occasionally that his beloved Democrats have failed and move on from the economic theories of John Maynard Keynes to
economists
who have not been discredited by history and common sense.
Brady Leonard (
@bradyleonard
) is a musician, political strategist, and host of
The No Gimmicks Podcast
.
