Paul Krugman's Rules for Bidenomics aged like spoiled milk

https://newsbusters.org/blogs/business/joseph-vazquez/2022/09/27/flashback-3-paul-krugman-rules-bidenomics-self-destructed



“Rule #1: Don’t doubt the power of government to help.” Following Biden’s inflationary “$4.6 trillion” in new spending and The Federal Reserve’s disastrous money printing policies, The Heritage Foundation now estimates that “the average American has lost the equivalent of $4,200 in annual income under the Biden administration because of inflation and higher interest rates.” The money supply, also referred to as M2, skyrocketed to over $21,000,000,000,000 in July, according to the Federal Reserve Bank of St. Louis. Just two years earlier in July 2020, when Donald Trump was president, the money supply was roughly $18 trillion, meaning that the money supply ballooned by over 16 percent in just two years. To quote late President Ronald Reagan, “The nine most terrifying words in the English language are: I'm from the Government, and I'm here to help.”

“Rule #2: Don’t obsess about debt.” The U.S. National debt soared over $30 trillion after Krugman wrote this. Krugman grumbled against the “[c]onstant warnings about the dangers of government borrowing hobbled the Obama agenda almost from the start. Biden shouldn’t let that happen again.” Now, the Committee for a Responsible Budget estimated on Sept. 13, 2022 that Biden’s excessive government borrowing ($4.8 trillion so far) will “lead to continued inflationary pressures, drive the national debt to a new record as soon as 2030, and triple federal interest payments over the next decade – or even sooner if interest rates go up faster or by more than expected.”

“Rule #3: Don’t worry about inflation.” Yikes. Krugman had a lot to say at the time about the so-called inflation doom mongers who ended up being right. Krugman slammed the “[c]onstant warnings about soaring prices, combined with false claims that the government was hiding the true rate of inflation,” and snarked that “inflation never took off.” The U.S. Chamber of Commerce released a new survey Sept. 21, 2022 showing that 90 percent of small businesses — a “new high” — are “concerned about the impact of inflation on their business, with 54% saying they are very concerned.” Here’s the telling part: “Half of small businesses (50%) say inflation is the biggest challenge facing small business right now.” CNN released a story Sept. 27, 2022 headlined: “71% of workers say their pay isn’t keeping up with inflation.”

It's going to get worse too.

oh I know it.    Hawk.  How are you doing weatherwise with Ian?  My son in St. Cloud said they're sold out of generators.  None to be found anywhere.   AND delivery trucks have been taken off the road so no deliveries.

If someone had 20 generators and could get into florida......you'd make a hefty little profit.

Calypso Jones wrote:oh I know it.    Hawk.  How are you doing weatherwise with Ian?  My son in St. Cloud said they're sold out of generators.  None to be found anywhere.   AND delivery trucks have been taken off the road so no deliveries.

If someone had 20 generators and could get into florida......you'd make a hefty little profit.

Beautiful days and cool nights. No hurricanes worries here so far.
My prayers are with everyone in Florida.

HawkTheSlayer wrote:It's going to get worse too.

You are so right.

This has been done many times. Wiemar Germany; Bourbon France, before the Revolution. Spain, a hundred years before THAT.

More recently, in Zimbabwe, Venezuela, and other nations I can't think of. Money-printer-go-BRRR; nation and economy go splat.

Revolution ensues. Hilarity is noticeably absent.

We have a situation never seen before - the UNIVERSAL craven-ness of Western nations' leadership, in this insane debasement of all currencies. And two factors never seen before: The complete absence of responsible, intelligent leadership. This Truss woman? Emmanual Macron? Justin Castro-Trudeau? And our OWN inbred, insular, Beltway idiots. They've driven the intelligent ones, OUT...prosecuting and harassing at least one of them.

We have seen in history what stupid leadership can do in crisis. Louis XVI was a dullard. There were several ways he could have defused the situation; and he missed most of them. And then abdicated, when he had no leverage and the Jacobins were out for blood.

He only lost his own life, there. Arguably, he cost the guillotine victims, most of them guilty of NOTHING...he cost them their lives, too; but perhaps that would have happened no matter what he did.

But our moron leadership is busily slow-killing the population with this insane experiment, WHILE TRYING TO LAUNCH NUKE WAR.

And shutting down energy production and farming. This can only end one way.

https://www.zerohedge.com/personal-finance/americans-arent-buying-great-economy-narrative

There seems to be a disconnect between the average American’s perception of the economy and the views held by economists, pundits and government officials.

A recent CNN report touted “Biden’s strong economy” and asked why it “feels so bad” to most Americans.

By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Still, a majority — 58% — say Biden’s policies have made economic conditions worse.”

In other words, why can’t these dumb rubes understand how good they have it?

University of Michigan economist Justin Wolfers insists there is “literally no question” that the economy has improved under Biden.

The problem is politicians and their courtesans in academia and the media don’t live in the real world.

They live in a world of data and spin that they can manipulate to formulate a narrative. But narratives don’t matter to a couple in the checkout lane at the grocery store trying to figure out how they’re going to pay for food this week.

These two headlines tell you just about everything you need to know about the political and pundit class and their disconnect from normal life.

Can't believe it was a year ago I wrote that...and nothing's changed.

Teen girls learn about bidenomics:

https://rumble.com/v4hsy79-teen-girls-learn-about-bidenomics.html