Krugman Blasted For Sharing Misleading Inflation Statistics
The Biden administration continues to face dismal approval ratings based on economic policies that have resulted in runaway inflation in recent years.
Despite efforts to put a positive spin on the situation, polls show that most voters are not receptive to the claims that so-called “Bidenomics” have been good for the American people.
Paul Krugman, a prominent left-leaning economist, attempted to skew reality to match his political narrative with a misleading post he shared on social media this week. In it, a graph appeared to show a clear downward trend in consumer prices since May — but the caption clarified that the data used to arrive at that favorable result excluded key categories including food, housing, energy and used automobiles.
Nevertheless, Krugman declared: “The war on inflation is over. We won, at very little cost.”
In reality, a holistic interpretation of the economy shows that inflation remains high and has even outpaced expert projections in recent months. A community note added to Krugman’s post cited the Bureau of Labor Statistics and explained that the prices included in the consumer price index “shows year over year inflation at 3.7% as of September 2023.”
A slew of critics piled on in response to the economist’s out-of-touch assertion.
Manhattan Institute economist Brian Riedl asserted: “Thank heavens I stopped buying food, energy, cars, and housing in 2021.”
New York Post columnist Karol Markowicz offered a similar critique.
“It’s been such a s—ty week so thank you for the laugh,” she wrote. “Guys, if you exclude food, energy, shelter or used cars, we’re doing super great!”
Financial strategist Quincy Krosby is one of the many industry experts who have reached the conclusion, which is obvious to the millions of Americans struggling to make ends meet, that inflation remains stubbornly high under President Joe Biden.
“Inflation is easing,” Krosby said during a recent NBC News interview. “It’s edging lower. However, food and energy prices remain elevated, and the average American lives in an environment in which food and energy are basics for their budget — and that budget is climbing higher.”
Of course, Krugman’s latest foray into inflationary insight is not the first to be proven wrong.
Last year, he admitted that he made a “bad call” when he insisted that Biden’s runaway spending would have little impact on rising consumer prices.
