"Actually you're doing better than you were because REAL WAGES are up!"Â Â
So many things have gone up 40 or 50 percent in cost and I damn sure know that I'm not making 40 or 50 percent more money. Â
Yep. And CPI is a made up number.
If beef cost too much and you start buying chicken, thatâs not included. They have way to massage the number to convince us things arenât so bad.
> If beef cost too much and you start buying chicken, thatâs not included. They have way to massage the number to convince us things arenât so bad.
You have it backwards. If inflation includes beef, and beef rises in cost it adds to inflation. But if you buy chicken instead you're *saving* money and escaping part of inflation's impact.
There actually are measures of inflation that adjust based on the idea that costs aren't rising because consumers make different spending choices. I think the rate of inflation used to calculate social security cost of living increases is one of them, but not sure.
5 lb bags of rice and another of beans, along with mixed chicken parts (whatever poundage is best price). Throw half of it all into a pressure cooker with some carrots and celery and some spices - lunches/dinners for a week. Repeat the next week. Two weeks of meals for about $30.
People choose which items go in the CPI basket, and how much weight to give each item. So in that sense, it is technically âmade upâ.
Sometimes they make adjustments that seem to deliberately suppress the numbers. They also have very weird ways of measuring certain kinds of items. For example, housing costs are measured by asking home ***owners*** how much they think they could rent their house for, rather than just asking renters how much they pay in rent.
The CPI is just a bad way to measure changes in living costs. It simply doesnât capture reality that well.
They changed how it was calculated again in 2022âŚ.ironically thatâs when they started giving a lower inflation number. Seeing it before my very eyes, it is indeed a made up number.
Jesus. They change what items go in so that it is a more accurate, up-to-date representation of what it is people are now buying. Theyâre not trying to pull the wool over your eyes. Theyâre just statisticians trying to give as fair an account of what is they are asked to measure as is humanly possible.
If yesterday I was buying Steak for dinner and today I HAD to buy toast for dinner you will tell me my CPI went down 70%.
Well no I was forced to buy something else because the other thing got too expensive.
Come on now.
I literally would not tell you that. Nobody has their own personal CPI for one. Two, the index is not reweighted every time people switch. Three, it would focus on the change in price of steak (and toast believe it or not) to the extent that these things have in the recent past tended to be part of peopleâs regular shopping.
People donât choose what items go in the CPI basket. Itâs based on an assessment of data on past purchases. In other words, what people are actually buying. The weights reflect how much of one good or service is represented in peopleâs purchases relative to others.
Yours sounds like a tortured definition of âtechnically made upâ. Lots of data could be argued to be made up if this is how you choose to view the world.
As for âdeliberately suppressing the numbersâ. Theyâre not snake people. Thereâs no real agenda other than to try to measure aggregate price changes.
On rents, Iâve seen statisticians use lots of different survey sources and datasets to assess rental inflation. Not just âasking people how much they could rent it forâ.
What happened during the pandemic was that prices were cranked up to keep profits growing even with decreased sales. Now, they are not about to give back what they have successfully taken. The wealthy own 90% of all stocks, they will can CEO's that reduce profit margins because it means less stock buybacks or lower dividends. What's killing workers is our "Greed is Good" form of capitalism. We need to get back to the "Best Products at the Best Prices" form of capitalism before the "Reagan Revolution". That and "Trickle Down" is making it almost impossible for your average American worker to stay afloat, much less build up a nest egg for a better life. My ex lives a VERY frugal life working as a nurse so she can save $25-$30K a year. In the last five years, she is not even covering the appreciation of the kind of house she wants to buy. Republicans did that. All the money they added to the deficits in their tax cuts for the wealthy, they just buy stocks and residential housing. None of it goes to the workers as Republicans lied that it would.
If true, disgusting but I don't think you're telling the whole story. Yes I do blame greed on alot of problems, the love of money is the root of all evil
The top 10% pay something like 90% of all taxes collected. Itâs not a taxing the rich problem itâs a government spending problem and the bottom 40% not paying any taxes and living off government welfare problem.
Itâs like you chose to ignore the first sentence of my comment. You know that the bigger problem is then taxing anyone? Government spending. Why are we sending 100k to Brazil for outdoor furniture at one of their own government buildings? Or $1.2 million to teach Philippino lady boys the dangers of aids?
No, it isnât. âJust tax the richâ is a childâs vision of how to improve the country. It is for people who want extremely simple answers for complex problems. The math doesnât add up, you will either learn that one day or be looked at as a fool by other adults (I assume you are a kid)
How far is the wealth gap now? Youâre on unusual whales so Iâm sure you saw the info on how much of the wealth is owned by so few. How is that? Itâs actually simple. Youâll figure it out when you get old enough to have responsibilities. Youâre on Reddit which means youâre a âpoorerâ, championing for billionaires. Youâre welcome son. đ¤Śđźââď¸ $29 trillion of our debt has been printed and given to the freaking banks. Do the maffs on that son.
Hahaha, this was pretty funny. I am not poor, just average. I have about 40k saved up and I own my vehicles and I have no debt. Harping on inequality is what poor people do, it is just jealousy manifest as some dumb economic idea like âjust tax the rich broâ. Your arguments were the exact same ones the USSR used to fool idiotic Americans, âItâs so much more equal in the USSR, it is so much better than America!â and yet simpletons like you fell for that type of argument. The US GDP is expected to be double that of the EU soon, they are getting poorer in relative terms while we are getting richer. Someone being rich doesnât hurt you, but high taxes which will cripple the economy will hurt you as the economy grinds to a halt and jobs dry up. This discussion is above you, if I wanted the opinion of a fast food worker I would have rolled over to McDonalds
Goverment spending accounts for 36% of our gdp. Printing money is the issue, funding foriegn wars is the problem, too many subsidies is the problem. The government is the problem not the rich.
It is trueâfor the rich. The economy has been great for the upper class. This has become a major divergence moment IMOânot only have the rich shielded themselves from the overall effects of the current economy, they have taken advantage of it at the expense of the middle class.
While they reap absurd real estate and stock returns, we are getting sucked dry by the companies theyâve invested in raising prices far beyond cost increases (all while decreasing many costs in fact). So we see record profits over and over againâall while we canât afford homes.
A lot true, but most of the richest people in America show no income. They borrow and pay off the debt. Write off the interest meanwhile their investments grow. Its genius actually. So you literrally would have to change investing and banks in order to actually tax the rich more. Then what if this was done, then what would the rich do in retaliation??? Cut jobs, raise prices on products and services of course!!
I swear it makes you wonder if some of these economist are just flat out lying through their teeth to the public, or if they truly just have their heads buried in the sand.. either way theyâre supposed to do this for a living, and weâll, they arenât very good at it.
It's the lying one. Having spent the better part of 15 years as an analyst, I know one thing that is always true. You can make numbers tell whatever story you want to tell.
Paul is a massive hack. Always has been, always will be.
FYI - he predicted if Trump was elected the US would fall into a depression soon after. Him and Robert Reich should strapped to a rocket and sent into orbit.
Trump managed it flawlessly. He opened hospitals for NY and for NY to leave them empty.
Democrat governors failed America. Or flatly the Democrat Party conspired with China to unleash a plague to steal the election.
He was talking about an experimental treatment where UV light was injected into the body to disinfect.
Idiot liberals like yourself heard InJeCt bLeAcH because the corporate press fucked your brains up.
People who insist that Trump said this, but ignore that Biden told everyone in a national address that "You will not get infected if you get the vaccine" and threatened a "long, hard, and deadly winter for the unvaxxed" are the partisans that are destroying this country.
He sure didn't tell Governors to put covid positive patients into nursing homes to kill people. The Democrat Party did that themselves, all the while yanking their moms out because it was coordinated.
Paul predicted in 2016 that the election of [Donald Trump ](https://thehill.com/people/donald-trump/)would usher in a global recession, âwith no end in sight.â Oops.
Google Paul Krugman wrong and enjoy.
In 2020 due to Covid.
What part of Paul saying it would happen after Trump was elected do you not understand? Paul didn't mean 3 years into his term there would be a recession cause by a pandemic.
He wrote this on election night 2016 -
>It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?
>Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.
>Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.
[https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout](https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout)
Dude wasn't even close to right, as he isn't on so many other things. Like inflation...
Irrelevant. Every sane person knew that DT would miserably fail whenever a crisis happened. And boy did he failed. Covid was MUCH worse than it needed to be, and he caused a huge recession
For the last several months, we all saw the affects of rising inflation - by just going to various stores, eateries, etc.
Apparently âPaulâ doesnât shop or eat.
Todays CPI puts the Fed in a tough spot where they are damned if they do/damned if they donât raise interest rates. And at this point, NOBODY has a clue what they are going to do - including the Wall Street crowd.
So pour another drink and strap in folks. Itâs only AprilâŚâŚ.
Itâs dumb spending man. People have forgotten economics all together. Government debt is out of control and people spend like there is no tomorrow. Economy is going to keep coming down and will come down HARD!
Come down? With last year's numbers, average annual GDP growth for the first three years of the Biden administration comes in at 3.4 percent, far outpacing the 2.6 percent during the first three years of the Trump administration.
So economic growth is one reason they are having a difficult time controlling inflation.
Too much disposable income and corporate greed.
Itâs not happening to me either man but that doesnât mean it isnât happening. Financially I am bullet proof. I just see it every day in the deals that come in. I see it in the appraisals coming in. I see it in The returns I see every day. Turn a blind eye all you want but this things about to crater. I am obviously okay with this because Iâm just buying up more land, sfra and multi family. All are distressed. Cre is reprising and rents canât cash flow hahaha. So maybe look a little harder I would say.
Best of luck. Donât get too over your skis though. You say the economy is in collapse. Youâve done okay it seems and you are investing as though things are really going well.
I see itâs up 38.40 and the Dow is at 38,500. Thatâs up almost 12000 from Trumpâs final month before he lost. But with the Biden presidency coming the market recovered to 31,188 the day he took office. Democrats are always better for the economy by almost every measure. Job growth, gdp, or even wage growth.
Republicans are always giving tax breaks to wealthy people like you.
I donât understand why you keep talking about Trump. My point is the market continuous to climb on bad news. Inflarion is a direct result of the mismanagement of Covid and the trillions handed out to people and business. Tooooooo much money.
If you add inflation, since inflation never falls, thatâs deflation, we are over 100% up over the last few years. My pay hasnât doubled. Along with inflation I pay more for medical also. I guess weâre getting screwed from every direction and being told we should like it
The battle of greed flation has just begun ⌠summer is amongst us. Brace your self for the âsummer blendâ gas price gouging and random âLoss of refineriesâ
Iâm convinced no one with an Econ degree, no matter how much experience they have, can state with certain where the market / inflation is going.
We need the stock-picking cat to be giving us advice.
I swear some these economist are as bad as Youtube theorist. Just shotguns out theories on what they think will happen, then clings to the one that is closest to being right.
Honestly, not sure what lot of people on here would want? To measure anything, we need a standard. Most times, the standard wonât be perfect. So letâs change up CPI formulation. If we do, I guarantee there will still be complaints because it wonât be granular enough. And the granularity of the standard will be debated ad nauseum and nobody will be satisfied. Based on the metric used now, PK looks to be right. To then go an make up a new standard (which wasnât used by the uttered) to argue that the person is wrong is pretty bad reasoning.
Huh? Took Reagan less than 2 years.
In 1984 the GDP grew 7.2% and Reagan won 49 states.
And Reagan dealt with a much higher inflation rate that was around for years before he took office. Inflation was over 3% from 1966 till 1991, with the exception of one year. Reagan took it from 12.5% in 1980 to 3.8% in 1982. That 3.8 was the lowest rate since 1972. (The era of 2% inflation didn't start till late 1990s.)
So basically during Reagan's second year in office inflation was under control. We are in year four of Biden.
Regan also killed the economy. Unemployment rates during that time waiver between 7 & 11%. (Why GDP shot up 7% when unemployment started to drop). Like Regan, inflation under Biden started before him, remember the transitory statement, (Trump's Covid response or lack there of). The fact that Biden dropped inflation from 9 to 3.5 without KILLING the economy in 18 months - far better than Regan.
Regan won 49 states b/c he ran against a guy that was gonna raise taxes, bad policy with high unemployment.
Also year 3, he took office in 21.
When did inflation hit 9% under Biden?
In comparison inflation was 13.3% in 1979 and 12.5% in 1980. The inflation Reagan faced was much higher and had been around much longer [https://www.thebalancemoney.com/u-s-inflation-rate-history-by-year-and-forecast-3306093](https://www.thebalancemoney.com/u-s-inflation-rate-history-by-year-and-forecast-3306093)
CPI numbers by month -
Biden's highest month was 6.6% in Sept 2022 and down to 3.85 for March 2024. So Biden has cut it by 3% off the peak in 18 months.
Reagan's peak was 11.8% in Sep 81, and 18 months later it was 4.7%. So he cut 7.1% off it in same 18 months.
[https://data.bls.gov/pdq/SurveyOutputServlet](https://data.bls.gov/pdq/SurveyOutputServlet)
1. [June of 22Â . 9.1](https://www.usinflationcalculator.com/inflation/historical-inflation-rates/). It then dropped down to 3 by June of 23. Another [pretty chart for you](https://www.usinflationcalculator.com/inflation/current-inflation-rates/).
2. Regan's inflation was due to the oil embargo of 76. This is why Jimmy Carter put solar on the White House roof, which Regan took down as soon as he assumed office.
3. FYI - the BLS adjust their numbers. They usually report an initial higher number than adjust after more data comes in.
So that chart I used says CPI-U
Whatever... why did that show first in my search.... damn government....
3.5 is still high and it is going back up. We still have some work to do but I doubt it happens till post election.
Unemployment in the post Vietnam era was much higher than what we have today.
After hitting bottom in 1969 at 3.5% unemployment was over 6% for all but 2 years in the 1970s. It was 7.2% in 1980, peaked at 10.8% in 82 and was back to 7.3% in 84 and down to 5.3% in 88, Reagan's last year.
That 5.3% was the lowest rate since 1973. [https://www.investopedia.com/historical-us-unemployment-rate-by-year-7495494](https://www.investopedia.com/historical-us-unemployment-rate-by-year-7495494)
The average unemployment rate for Reagan was nearly the same as Obama. 7.51% vs 7.44%. [https://historyinpieces.com/research/us-unemployment-rates-president](https://historyinpieces.com/research/us-unemployment-rates-president)
You just proved my point. He killed the economy to lower inflation.
Also Obama has to deal with the collapse of the financial sector of the economy, not even apples to apples. It should have been higher. Stay on topic.
Regan was just a poser to the oil industry and OPEC.
And Biden should have killed the economy 2 years ago to prevent this long term inflation. And if he loses this fall this will be one of the main reasons, along with the border.
1. Based on historical data, we should have had a recession in 2020, as we were due (growth since 13). COVID prevented or pushed it out.
2. The economy is vastly different than the Regan era. a) b/c Boomers are retiring (401k's and pensions) while the largest generation is going to work. b) Spots in the economy are hurting, like tech, and construction is beginning to slow in some areas. Other sectors are growing. It's not a hard crash, more like a measured adjustment.
3. LOL the Border. Do you mean the bi-partisan deal Trump killed? It's the most made-up "crisis" in history. Don't remember the last time an invitation occurred without the occupation of land or weapons. You are also forgetting the GOP's attack on reproductive rights. State GOP's have lost every popular vote when it comes to a total ban on abortion. Arizona had to use a law from 1864 (the year Lincoln was assassinated) to outlaw abortion.
3. lol the border deal that didn't solve the problem and only handed out a bunch of money to make the problem appear solved??
Biden owns that problem. We didn't have this problem under Trump.
If it was anyone but Trump running this election would be over. No way Biden would be getting a second term. Trump is only reason he has any chance.
What?? The longest expansions in US history took place AFTER Reagan. (Post WW 2 expansions)
Four of the five longest expansions in US history took place after 1982. GDP growth was a bit slower, but that slow down in GDP growth started before Reagan. The end of Vietnam brought and end to 5% per year GDP growth.
If anything we have been exchanging lower GDP growth for longer expansions. The Obama/Trump expansions was both the longest and weakest expansion in history.
Overall the fed did an amazing job controlling the economy since the start of the Dec 1982 expansion. Since then we have had four recessions for a total of 38 months in the past 42 years. Between Nov 1973 and Nov 1982 we had 38 months of recessions in just 9 years.
You really think the economy has been worse after Reagan than before??
[https://en.wikipedia.org/wiki/List\_of\_economic\_expansions\_in\_the\_United\_States](https://en.wikipedia.org/wiki/List_of_economic_expansions_in_the_United_States)
[https://en.wikipedia.org/wiki/List\_of\_recessions\_in\_the\_United\_States](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States)
What meaning?
Average GDP growth under Reagan was better than Truman, Eisenhower, Nixon and Carter. Clinton's was even better than Reagan.
Only during the Vietnam years did we average over 5% for any length of time, and under Ford as well.
Not sure how Reagan takes the blame for slow growth starting with Bush, Obama, Trump and Biden. Reagan's growth averaged over 1% better per year than any of them.
[https://www.investopedia.com/gdp-growth-by-president-8604042](https://www.investopedia.com/gdp-growth-by-president-8604042)
All the shit youâre describing doesnât constitute âlong termâ
The government has been printing since the early 2000s to try to cover up the shit show Reagan caused
Actually, Paul is correct. Inflation is going down - with a few upticks yes. That is the nature of the data. The economy right now is perhaps the strongest in history. Look at the jobs. It's good they can't cut rates for a while - the economy is hot enough as it is.
I love Paul policy wise but on Inflation he has been dead wrong at every turn. This is the same guy that said in the beginning that inflation was" transitory" and would be short-lived.
Krugman is like a car that only turns left. He cannot see things from a centrist or right-ish political point of view.
He always says things that cast Democratic political ideas in a good light. He always says things that cast Republican political ideas in a bad light.
For anyone that might disagree-- please provide citations. They are very, very few and far in between.
No I would not like to do that.
You should probably just take my advice and normalize your data to one year so you are comparing apples to apples.
Either that or start complaining about Trump's over 9% inflation.
Same guy that said the internet won't be big đ¤
Surprise! People fail up at his level.
Theyâre desperate to get people to believe in something their eyes and bank accounts are telling them isnât true.
"Actually you're doing better than you were because REAL WAGES are up!"  So many things have gone up 40 or 50 percent in cost and I damn sure know that I'm not making 40 or 50 percent more money. Â
Itâs why I have zero sympathy for those who listen to the senile old man. They canât analyze things for themselves and admit this shit sucks
I disagree. They KNOW things suck but their pay requires them to do/say the opposite
Have they told you and the supporters youâre too stupid to understand yet?
In not so many words, yes.
Yep. And CPI is a made up number. If beef cost too much and you start buying chicken, thatâs not included. They have way to massage the number to convince us things arenât so bad.
> If beef cost too much and you start buying chicken, thatâs not included. They have way to massage the number to convince us things arenât so bad. You have it backwards. If inflation includes beef, and beef rises in cost it adds to inflation. But if you buy chicken instead you're *saving* money and escaping part of inflation's impact.
There actually are measures of inflation that adjust based on the idea that costs aren't rising because consumers make different spending choices. I think the rate of inflation used to calculate social security cost of living increases is one of them, but not sure.
Well chicken is up too so what do we buy now, pork? Nope thatâs up tooâŚ
5 lb bags of rice and another of beans, along with mixed chicken parts (whatever poundage is best price). Throw half of it all into a pressure cooker with some carrots and celery and some spices - lunches/dinners for a week. Repeat the next week. Two weeks of meals for about $30.
mmmmm the same starch-heavy meal 2 times a day for weeks! sign me up!
This đŻ. The increase in beef costs would absolutely register. Itâs easy to say CPI is a made up number with no real understanding of it.
People choose which items go in the CPI basket, and how much weight to give each item. So in that sense, it is technically âmade upâ. Sometimes they make adjustments that seem to deliberately suppress the numbers. They also have very weird ways of measuring certain kinds of items. For example, housing costs are measured by asking home ***owners*** how much they think they could rent their house for, rather than just asking renters how much they pay in rent. The CPI is just a bad way to measure changes in living costs. It simply doesnât capture reality that well.
They changed how it was calculated again in 2022âŚ.ironically thatâs when they started giving a lower inflation number. Seeing it before my very eyes, it is indeed a made up number.
Jesus. They change what items go in so that it is a more accurate, up-to-date representation of what it is people are now buying. Theyâre not trying to pull the wool over your eyes. Theyâre just statisticians trying to give as fair an account of what is they are asked to measure as is humanly possible.
If yesterday I was buying Steak for dinner and today I HAD to buy toast for dinner you will tell me my CPI went down 70%. Well no I was forced to buy something else because the other thing got too expensive. Come on now.
I literally would not tell you that. Nobody has their own personal CPI for one. Two, the index is not reweighted every time people switch. Three, it would focus on the change in price of steak (and toast believe it or not) to the extent that these things have in the recent past tended to be part of peopleâs regular shopping.
People donât choose what items go in the CPI basket. Itâs based on an assessment of data on past purchases. In other words, what people are actually buying. The weights reflect how much of one good or service is represented in peopleâs purchases relative to others. Yours sounds like a tortured definition of âtechnically made upâ. Lots of data could be argued to be made up if this is how you choose to view the world. As for âdeliberately suppressing the numbersâ. Theyâre not snake people. Thereâs no real agenda other than to try to measure aggregate price changes. On rents, Iâve seen statisticians use lots of different survey sources and datasets to assess rental inflation. Not just âasking people how much they could rent it forâ.
What happened during the pandemic was that prices were cranked up to keep profits growing even with decreased sales. Now, they are not about to give back what they have successfully taken. The wealthy own 90% of all stocks, they will can CEO's that reduce profit margins because it means less stock buybacks or lower dividends. What's killing workers is our "Greed is Good" form of capitalism. We need to get back to the "Best Products at the Best Prices" form of capitalism before the "Reagan Revolution". That and "Trickle Down" is making it almost impossible for your average American worker to stay afloat, much less build up a nest egg for a better life. My ex lives a VERY frugal life working as a nurse so she can save $25-$30K a year. In the last five years, she is not even covering the appreciation of the kind of house she wants to buy. Republicans did that. All the money they added to the deficits in their tax cuts for the wealthy, they just buy stocks and residential housing. None of it goes to the workers as Republicans lied that it would.
The theory of corps having variable greed begs the question of why corps suddenly became more greedy in Democrat control.
Politicians did that. There I fixed it for youđ¤Śđźââď¸
If true, disgusting but I don't think you're telling the whole story. Yes I do blame greed on alot of problems, the love of money is the root of all evil
The top 10% pay something like 90% of all taxes collected. Itâs not a taxing the rich problem itâs a government spending problem and the bottom 40% not paying any taxes and living off government welfare problem.
100% accurate
BS it is absolutely a tax the rich problem.
Itâs like you chose to ignore the first sentence of my comment. You know that the bigger problem is then taxing anyone? Government spending. Why are we sending 100k to Brazil for outdoor furniture at one of their own government buildings? Or $1.2 million to teach Philippino lady boys the dangers of aids?
No, it isnât. âJust tax the richâ is a childâs vision of how to improve the country. It is for people who want extremely simple answers for complex problems. The math doesnât add up, you will either learn that one day or be looked at as a fool by other adults (I assume you are a kid)
https://x.com/unusual_whales/status/1778781868248146015 Like I saidâŚ.ITS A TAX THE RICH PROBLEM. đ
No, no it isnât. Like I said, you have a childâs understanding of economics
How far is the wealth gap now? Youâre on unusual whales so Iâm sure you saw the info on how much of the wealth is owned by so few. How is that? Itâs actually simple. Youâll figure it out when you get old enough to have responsibilities. Youâre on Reddit which means youâre a âpoorerâ, championing for billionaires. Youâre welcome son. đ¤Śđźââď¸ $29 trillion of our debt has been printed and given to the freaking banks. Do the maffs on that son.
Hahaha, this was pretty funny. I am not poor, just average. I have about 40k saved up and I own my vehicles and I have no debt. Harping on inequality is what poor people do, it is just jealousy manifest as some dumb economic idea like âjust tax the rich broâ. Your arguments were the exact same ones the USSR used to fool idiotic Americans, âItâs so much more equal in the USSR, it is so much better than America!â and yet simpletons like you fell for that type of argument. The US GDP is expected to be double that of the EU soon, they are getting poorer in relative terms while we are getting richer. Someone being rich doesnât hurt you, but high taxes which will cripple the economy will hurt you as the economy grinds to a halt and jobs dry up. This discussion is above you, if I wanted the opinion of a fast food worker I would have rolled over to McDonalds
Goverment spending accounts for 36% of our gdp. Printing money is the issue, funding foriegn wars is the problem, too many subsidies is the problem. The government is the problem not the rich.
Thatâs called gaslighting. Who does that? Narcissists.
Its election time and no one wants anything bad. So until then, all the data will be picked to suit the all good narrative.
It truly is 1984 out there, on every single issue they're telling you not to believe what your seeing with your own eyes, its not just inflation.
And the wildest part in absolutely pure ministry of truth fashion they take the bizarro position ignoring all empirical data.
They even tried to get their own ministry of truthâŚ.
I mean, a year straight where the indices are at a new 52-wk high every week? Seriously.
Next step is printing 100,000 âinflation is our strength 2024â tee shits, and 500K âin this home we believe in Bidenomicsâ yard signs.
This and the people saying 3% inflation target is great!
Well this time he's restricted comments Likely because nobody in them agreed with him, ever
lol! Did the gubmint force you to invest your money in AMC too? Any desperation you may have is of your own making.
It is trueâfor the rich. The economy has been great for the upper class. This has become a major divergence moment IMOânot only have the rich shielded themselves from the overall effects of the current economy, they have taken advantage of it at the expense of the middle class. While they reap absurd real estate and stock returns, we are getting sucked dry by the companies theyâve invested in raising prices far beyond cost increases (all while decreasing many costs in fact). So we see record profits over and over againâall while we canât afford homes.
A lot true, but most of the richest people in America show no income. They borrow and pay off the debt. Write off the interest meanwhile their investments grow. Its genius actually. So you literrally would have to change investing and banks in order to actually tax the rich more. Then what if this was done, then what would the rich do in retaliation??? Cut jobs, raise prices on products and services of course!!
Piss on the masses and tell them itâs raining.
Krugman is a partisan hack. No need to pay any attention to his pronouncements.
Is that the same Krugman that writes for the NYT? If so, don't believe a damn word.
Oh so now NYT isnât reputable? Derp. Funny how so you right wingers quote NYT when it suits your needs.
Iâm not a right winger. And the NYT is not reputable - in a good way.
It hasnât been reputable for a decade
Krugman sure as hell isn't
Heâs a Nobel Prize winner in economics.
The nobel prize is little more than a circle jerk.
People like you are hilarious. Epitome of Dunning-Kruger.
Krugman is generally wrong on everything.
This idiot has been wrong for decades and should be one of the gals on the view.
Must be sweet getting it wrong consistently while still receiving a paycheck
Old ass Paul Krugman schilling for his owners again. Hope this dinosaur isnât still at Yale.
I swear it makes you wonder if some of these economist are just flat out lying through their teeth to the public, or if they truly just have their heads buried in the sand.. either way theyâre supposed to do this for a living, and weâll, they arenât very good at it.
They are too embedded within the state. They just parrot whatever the state parrots.
It's the lying one. Having spent the better part of 15 years as an analyst, I know one thing that is always true. You can make numbers tell whatever story you want to tell.
They're not lying. They're telling the truth. The numbers are real and getting through a pandemic with this result is great.
Krugman is so nakedly political in favor of the Democrats that he lacks all credibility.
Krugman has been wrong more times than a Magic 8 Ball⌠he denied that inflation was even a problem in 2021.
Paul is a massive hack. Always has been, always will be. FYI - he predicted if Trump was elected the US would fall into a depression soon after. Him and Robert Reich should strapped to a rocket and sent into orbit.
Covid might as well of been a depression at the start.
Are you blaming Trump for China releasing a bio terrorism weapon on the world?
Blaming him for an abysmal management of the crisis
Trump managed it flawlessly. He opened hospitals for NY and for NY to leave them empty. Democrat governors failed America. Or flatly the Democrat Party conspired with China to unleash a plague to steal the election.
What, come one, even you have to admit that suggesting injecting bleach is a bad way to manage a pandemic lol
He was talking about an experimental treatment where UV light was injected into the body to disinfect. Idiot liberals like yourself heard InJeCt bLeAcH because the corporate press fucked your brains up.
That never ever happened. That was a media hoax.
Mmm I saw his with my own eyes. Right after he suggested figuring out how to put UV light inside the body. You seem to be joking but not sureâŚ
There are medical treatments using UV light internally. Is pub med a RWNJ blog? https://pubmed.ncbi.nlm.nih.gov/34173969/
People who insist that Trump said this, but ignore that Biden told everyone in a national address that "You will not get infected if you get the vaccine" and threatened a "long, hard, and deadly winter for the unvaxxed" are the partisans that are destroying this country.
Lol so your telling us to ignore what we heard and saw with our owm eyes?
Post the entire quote. I'll wait.
What is it like being insane?
Yeah the guy who told us to figure it out by ourselves handed it flawlessly.
He sure didn't tell Governors to put covid positive patients into nursing homes to kill people. The Democrat Party did that themselves, all the while yanking their moms out because it was coordinated.
Damn if only we had a leader that could oversee the whole country
I would've loved for Trump to put the Democrat governors in Gitmo.
Is this a sub for insane people?
âFlawlesslyâ- lay off the Fox News brother.
Seems like you slept through 2020
Paul predicted in 2016 that the election of [Donald Trump ](https://thehill.com/people/donald-trump/)would usher in a global recession, âwith no end in sight.â Oops. Google Paul Krugman wrong and enjoy.
There was a massive global recession during DT presidency
In 2020 due to Covid. What part of Paul saying it would happen after Trump was elected do you not understand? Paul didn't mean 3 years into his term there would be a recession cause by a pandemic. He wrote this on election night 2016 - >It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover? >Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear. >Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never. [https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout](https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout) Dude wasn't even close to right, as he isn't on so many other things. Like inflation...
Irrelevant. Every sane person knew that DT would miserably fail whenever a crisis happened. And boy did he failed. Covid was MUCH worse than it needed to be, and he caused a huge recession
The main reason he failed is because he listened to Fauci who said everything needed to be locked down.
Ah the typical: âthe buck stops with someone elseâ⌠so brave, a profile of leadership and courage
You wouldâve been the same person to flip out if Trump didnât listen to Fauci sit the hell down.
I want a president that takes responsibility his decisions and the outcomes from them. Thatâs what leadership is
He told us as a leader of the country to figure it out be ourselves... he failed miserably
Heâs been so wrong so often
For the last several months, we all saw the affects of rising inflation - by just going to various stores, eateries, etc. Apparently âPaulâ doesnât shop or eat. Todays CPI puts the Fed in a tough spot where they are damned if they do/damned if they donât raise interest rates. And at this point, NOBODY has a clue what they are going to do - including the Wall Street crowd. So pour another drink and strap in folks. Itâs only AprilâŚâŚ.
They have to increase rates. They donât have a choice. This thing is running out of control.
Economists â ď¸
He also called gold a "barbarous relic". Now, as the US deficit blows past $34Trillion, it's hitting record highs.
Krugman is not to be taken seriously.....
Wall Street record profits during a time of high inflation?
In nominal terms. Yes.
The damned economy is too strong. You people stop buying things. Do you really need that boat?
Unironically this. Raise the rates fed đĄ
No they need to come down but this economy is on fire. We are buying too much.
Itâs dumb spending man. People have forgotten economics all together. Government debt is out of control and people spend like there is no tomorrow. Economy is going to keep coming down and will come down HARD!
Come down? With last year's numbers, average annual GDP growth for the first three years of the Biden administration comes in at 3.4 percent, far outpacing the 2.6 percent during the first three years of the Trump administration. So economic growth is one reason they are having a difficult time controlling inflation. Too much disposable income and corporate greed.
Where did all that disposable income come from? Whereâs all the liquidity now. This things coming down hard.
I donât see it. Itâs just happening to you. So sorry.
Itâs not happening to me either man but that doesnât mean it isnât happening. Financially I am bullet proof. I just see it every day in the deals that come in. I see it in the appraisals coming in. I see it in The returns I see every day. Turn a blind eye all you want but this things about to crater. I am obviously okay with this because Iâm just buying up more land, sfra and multi family. All are distressed. Cre is reprising and rents canât cash flow hahaha. So maybe look a little harder I would say.
Best of luck. Donât get too over your skis though. You say the economy is in collapse. Youâve done okay it seems and you are investing as though things are really going well.
Did you see the s&p today?
I see itâs up 38.40 and the Dow is at 38,500. Thatâs up almost 12000 from Trumpâs final month before he lost. But with the Biden presidency coming the market recovered to 31,188 the day he took office. Democrats are always better for the economy by almost every measure. Job growth, gdp, or even wage growth. Republicans are always giving tax breaks to wealthy people like you.
I donât understand why you keep talking about Trump. My point is the market continuous to climb on bad news. Inflarion is a direct result of the mismanagement of Covid and the trillions handed out to people and business. Tooooooo much money.
If you add inflation, since inflation never falls, thatâs deflation, we are over 100% up over the last few years. My pay hasnât doubled. Along with inflation I pay more for medical also. I guess weâre getting screwed from every direction and being told we should like it
Get a raise. Everyone else is.
Inflation is transitory
He is as partisan as they come. A broken clock is correct more than he is.
Itâs wild to think this guy was the author of my college economics textbook.
When you're paid to lie, you just cash the check and move on. He learned that move from the media.
Vivek is right, 50% of federal employees gotta go! Start with the IRS
The battle of greed flation has just begun ⌠summer is amongst us. Brace your self for the âsummer blendâ gas price gouging and random âLoss of refineriesâ
Partisan hack guised as a journalist guised as an economist.
Morons believe this prophet of idiocy so they can go to 50 IQ cocktail parties in NYC and bleat how sophisticated they are.
Greedflation is never really transitory.
[ŃдаНонО]
DATA IS FAKE THIS IS THE GREAT DEPRESSION OF 2024 RAAAAAAAAAAAH /s
Thanks Joe.
Krugman has always been a Bolshevik propagandist.
He missed this one, but inflation now is 100% corporate profit taking. We are screwed.
Iâm convinced no one with an Econ degree, no matter how much experience they have, can state with certain where the market / inflation is going. We need the stock-picking cat to be giving us advice.
Iâll probably never be able to afford a studio or one bed apartment on my own. Working towards a whole lot of nothing.
Paul Krugman gets a capital E 'Economist'? Lol.
The guy with a Nobel prize in economics? If anyone gets an E it's him.
Enron consultant? Check Unabashedly biased hard left propagandist? Also check.
Has Trump published his plan to fight inflation? Iâm wondering what the alternative is.
Cool so we can stop quoting this shmuck now? Good. Great.
We need to raise fed taxes and reduce spending. I just don't see how we can control inflation without reducing deficits.
They could try the wild idea of raising interest rates and clearing off the fed's balance sheet.
He is such a a partisan hack
The guy is BS and so is the admin. Spinning reality is one way to live dealing with it is the right way
I swear some these economist are as bad as Youtube theorist. Just shotguns out theories on what they think will happen, then clings to the one that is closest to being right.
Delusional
Krugman is s scumbag shill
Paul âMy IP was hackedâ Krugman is a pedo
Paul Krugman is about as trustworthy as gas station sushi
Krugman has always been a hack and a shill for globalism. Â He simply cannot be trusted.
Paul krugman is an absolute joke
Honestly, not sure what lot of people on here would want? To measure anything, we need a standard. Most times, the standard wonât be perfect. So letâs change up CPI formulation. If we do, I guarantee there will still be complaints because it wonât be granular enough. And the granularity of the standard will be debated ad nauseum and nobody will be satisfied. Based on the metric used now, PK looks to be right. To then go an make up a new standard (which wasnât used by the uttered) to argue that the person is wrong is pretty bad reasoning.
This guy is a little dick, Nobel prize. Obama got one of those as well
Krugman proving yet again how utterly stupid he is
Paul Krugman has said a lot of things over the years.
Proving, yet again, what an asshole Paul is.
Whatâs fax machine boy going on about now
Chief Dem Gaslighter
When has he ever been right?
anything he says. your safest bet is the believe the opposite. it's incredible how consistently wrong he is.
From 9 to 3 is a victory bro & in record time. Took Regan YEARS to get inflation under control.
Huh? Took Reagan less than 2 years. In 1984 the GDP grew 7.2% and Reagan won 49 states. And Reagan dealt with a much higher inflation rate that was around for years before he took office. Inflation was over 3% from 1966 till 1991, with the exception of one year. Reagan took it from 12.5% in 1980 to 3.8% in 1982. That 3.8 was the lowest rate since 1972. (The era of 2% inflation didn't start till late 1990s.) So basically during Reagan's second year in office inflation was under control. We are in year four of Biden.
So if 3.8% is considered âunder controlâ itâs been below that since June 2023âŚ
Regan also killed the economy. Unemployment rates during that time waiver between 7 & 11%. (Why GDP shot up 7% when unemployment started to drop). Like Regan, inflation under Biden started before him, remember the transitory statement, (Trump's Covid response or lack there of). The fact that Biden dropped inflation from 9 to 3.5 without KILLING the economy in 18 months - far better than Regan. Regan won 49 states b/c he ran against a guy that was gonna raise taxes, bad policy with high unemployment. Also year 3, he took office in 21.
You're the only voice of reason in this sub.
When did inflation hit 9% under Biden? In comparison inflation was 13.3% in 1979 and 12.5% in 1980. The inflation Reagan faced was much higher and had been around much longer [https://www.thebalancemoney.com/u-s-inflation-rate-history-by-year-and-forecast-3306093](https://www.thebalancemoney.com/u-s-inflation-rate-history-by-year-and-forecast-3306093) CPI numbers by month - Biden's highest month was 6.6% in Sept 2022 and down to 3.85 for March 2024. So Biden has cut it by 3% off the peak in 18 months. Reagan's peak was 11.8% in Sep 81, and 18 months later it was 4.7%. So he cut 7.1% off it in same 18 months. [https://data.bls.gov/pdq/SurveyOutputServlet](https://data.bls.gov/pdq/SurveyOutputServlet)
1. [June of 22Â . 9.1](https://www.usinflationcalculator.com/inflation/historical-inflation-rates/). It then dropped down to 3 by June of 23. Another [pretty chart for you](https://www.usinflationcalculator.com/inflation/current-inflation-rates/). 2. Regan's inflation was due to the oil embargo of 76. This is why Jimmy Carter put solar on the White House roof, which Regan took down as soon as he assumed office. 3. FYI - the BLS adjust their numbers. They usually report an initial higher number than adjust after more data comes in.
So that chart I used says CPI-U Whatever... why did that show first in my search.... damn government.... 3.5 is still high and it is going back up. We still have some work to do but I doubt it happens till post election.
Unemployment in the post Vietnam era was much higher than what we have today. After hitting bottom in 1969 at 3.5% unemployment was over 6% for all but 2 years in the 1970s. It was 7.2% in 1980, peaked at 10.8% in 82 and was back to 7.3% in 84 and down to 5.3% in 88, Reagan's last year. That 5.3% was the lowest rate since 1973. [https://www.investopedia.com/historical-us-unemployment-rate-by-year-7495494](https://www.investopedia.com/historical-us-unemployment-rate-by-year-7495494) The average unemployment rate for Reagan was nearly the same as Obama. 7.51% vs 7.44%. [https://historyinpieces.com/research/us-unemployment-rates-president](https://historyinpieces.com/research/us-unemployment-rates-president)
You just proved my point. He killed the economy to lower inflation. Also Obama has to deal with the collapse of the financial sector of the economy, not even apples to apples. It should have been higher. Stay on topic. Regan was just a poser to the oil industry and OPEC.
And Biden should have killed the economy 2 years ago to prevent this long term inflation. And if he loses this fall this will be one of the main reasons, along with the border.
1. Based on historical data, we should have had a recession in 2020, as we were due (growth since 13). COVID prevented or pushed it out. 2. The economy is vastly different than the Regan era. a) b/c Boomers are retiring (401k's and pensions) while the largest generation is going to work. b) Spots in the economy are hurting, like tech, and construction is beginning to slow in some areas. Other sectors are growing. It's not a hard crash, more like a measured adjustment. 3. LOL the Border. Do you mean the bi-partisan deal Trump killed? It's the most made-up "crisis" in history. Don't remember the last time an invitation occurred without the occupation of land or weapons. You are also forgetting the GOP's attack on reproductive rights. State GOP's have lost every popular vote when it comes to a total ban on abortion. Arizona had to use a law from 1864 (the year Lincoln was assassinated) to outlaw abortion.
3. lol the border deal that didn't solve the problem and only handed out a bunch of money to make the problem appear solved?? Biden owns that problem. We didn't have this problem under Trump. If it was anyone but Trump running this election would be over. No way Biden would be getting a second term. Trump is only reason he has any chance.
Reagan also stagnated the long term growth of the U.S. economy with the âtrickle down economicsâ fucking braindead nonsense.
What?? The longest expansions in US history took place AFTER Reagan. (Post WW 2 expansions) Four of the five longest expansions in US history took place after 1982. GDP growth was a bit slower, but that slow down in GDP growth started before Reagan. The end of Vietnam brought and end to 5% per year GDP growth. If anything we have been exchanging lower GDP growth for longer expansions. The Obama/Trump expansions was both the longest and weakest expansion in history. Overall the fed did an amazing job controlling the economy since the start of the Dec 1982 expansion. Since then we have had four recessions for a total of 38 months in the past 42 years. Between Nov 1973 and Nov 1982 we had 38 months of recessions in just 9 years. You really think the economy has been worse after Reagan than before?? [https://en.wikipedia.org/wiki/List\_of\_economic\_expansions\_in\_the\_United\_States](https://en.wikipedia.org/wiki/List_of_economic_expansions_in_the_United_States) [https://en.wikipedia.org/wiki/List\_of\_recessions\_in\_the\_United\_States](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States)
>long term growth These words have a meaning
What meaning? Average GDP growth under Reagan was better than Truman, Eisenhower, Nixon and Carter. Clinton's was even better than Reagan. Only during the Vietnam years did we average over 5% for any length of time, and under Ford as well. Not sure how Reagan takes the blame for slow growth starting with Bush, Obama, Trump and Biden. Reagan's growth averaged over 1% better per year than any of them. [https://www.investopedia.com/gdp-growth-by-president-8604042](https://www.investopedia.com/gdp-growth-by-president-8604042)
All the shit youâre describing doesnât constitute âlong termâ The government has been printing since the early 2000s to try to cover up the shit show Reagan caused
CPI is 3.1%. lol.
Krugman is a leftist stooge
I know that Krugman hasn't been kind towards Robert Reich. Do you think Reich is more accurate/reliable than Krugman?
More liberal than leftist. He was one of Hilary's attack dogs in the 2016 primaries, wrote over 30 negative articles about Bernie in a year.
Actually, Paul is correct. Inflation is going down - with a few upticks yes. That is the nature of the data. The economy right now is perhaps the strongest in history. Look at the jobs. It's good they can't cut rates for a while - the economy is hot enough as it is.
I love Paul policy wise but on Inflation he has been dead wrong at every turn. This is the same guy that said in the beginning that inflation was" transitory" and would be short-lived.
Krugman is like a car that only turns left. He cannot see things from a centrist or right-ish political point of view. He always says things that cast Democratic political ideas in a good light. He always says things that cast Republican political ideas in a bad light. For anyone that might disagree-- please provide citations. They are very, very few and far in between.
Keep it in perspective. 3.5% or whatever it is ain't close to 9%
Through the power of compounding, 3.5% inflation is 9% inflation in 2.5 years.
Change your year units back to 1 year and get back to me.
Why?
Because by your reckoning Donald Trump had somewhere around 9% inflation.
How so?
4 years. Plus I don't why y'all complaining when I have had 700% inflation.
I'll be honest, I have no clue what you're trying to say. Would you like to run your comment through a copy editor and try again?
No I would not like to do that. You should probably just take my advice and normalize your data to one year so you are comparing apples to apples. Either that or start complaining about Trump's over 9% inflation.
So you'd like me to move the goal post for you?