Authored by Jonathan Newman via The Mises Institute,
Paul Krugman can’t figure out why everybody is so bummed about the economy. From his perspective, we should all be jumping for joy, praising Joe Biden, and publicly signing fifty-year commitments to vote Democrat.
Official statistics show that “unemployment is still near a 50-year low, yet inflation has been falling fast.”
But the ignorant masses simply won’t get with the picture.
Krugman admits “surveys of consumer sentiment and political polls continue to show that Americans have a very negative view of the Biden economy.”
He concludes that it is partisanship and media bias driving a wedge between consumer sentiment and economic reality. He found a study that shows that 30 percent of the disparity can be explained by Republicans who are doing fine economically but are just mad that Biden is stumbling and mumbling around the White House.
Krugman Is Wrong
I think Krugman is mailing (faxing?) this one in. I’m not convinced that consumer sentiment is just now being disproportionately affected by angry Republicans, especially considering all the dramatic economic changes that have shaken consumers over the past few…
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