Now he's now got another forecast for us.
Nobel economist Paul Krugman says Trump's policies will leave his blue-collar base feeling 'brutally scammed'
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The Nobel-winning economist says tariffs and deportations will hurt instead of help the poor.
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The economist, who won the Nobel Memorial Prize in Economic Sciences in 2008, criticized the president-elect's plans to raise tariffs and cut taxes during Tuesday's episode of "The Daily Blast with Greg Sargent" podcast.
He told The New Republic show that those and other policies would lead to the working class paying higher prices while high earners keep more of their money.
This headline from the lefty New Republic puts so much focus on the fact that Krugman won the Nobel prize for economics.
I would say 'who cares?'
Just remember, the Nobel committee gave Obama a peace prize, not for any peace he achieved, but for giving a speech.
Krugman says the tariffs would hurt the poor but maybe he should explain how Trump's tariffs during his first term didn't affect prices much, if at all.
Maybe Krugman, or the authors of the article, should point out that Biden's actual policies the last four years have destroyed the purchasing power of all Americans, but especially the poor and middle class.
A family spending $60,000 per year would have to spend at least $12,000 more every year (20% more) because of Biden's inflation brought on by government money printing. Inflation averaged less than two percent per year during Trump's term, despite COVID.
Krugman also says that deportations would hurt the poor and I would ask how. Allowing millions of illegals to come into the country drove down the wages of the poorest workers, and put pressure on the prices of everything especially for the poor and middle class. It took away reasonably priced housing, for one. And it's driving up the cost of medical care.
Krugman says cutting taxes hurts the poor. Again, how does letting the public, including businesses, keep more of the money they earn hurt the poor or anyone else?
Krugman never said a word about the harm to the poor of issuing massive regulations, starting with excessive licensing requirements for people in low-skill occupations such as nail techs and hairdressers. It extends well beyond that, to Biden's policies blocking energy pipeline construction and his efforts to destroy oil, coal, and natural gas companies. Crude oil, which is used in over 6,000 products, has skyrocketed around 100% from $40 per barrel, to around $80 today because the simple-minded Biden believes that politicians and bureaucrats can control the climate with all its natural variables.
Krugman never complained that the poor and middle class can't afford to buy expensive, impractical electric cars, and that the focus on electric cars forced up the price of gas-powered vehicles and spare parts that the poor could otherwise afford.
Krugman doesn't care that Biden would force the poor to buy electric appliances they can't afford, nor does he care that Democrat policies have made schools and health insurance unaffordable.
Here is what the Nobel prize-winning economist predicted when Trump won in 2016, as reported by
Politico:
Paul Krugman: Trump will bring global recession
“Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news,”
And here is what the irresponsible, ignorant Trump achieved in three short years with fewer regulations, lower taxes, low inflation, controlled borders, and reasonably priced energy. His policies were lifting all boats, especially the poor (of all races), and middle class, people Krugman and other Democrats only pretend to care about.
Incomes Hit a Record High and Poverty Reached a Record Low in 2019
Real median household income increased by $4,400 in 2019, reaching an all-time record high of $68,700. This represents a 6.8 percent one-year increase, which is the largest one-year increase in median income on record. Since 2016, real median household income has increased by 9.7 percent (after adjusting for a Census survey redesign in 2017).
Income gains in 2019 were largest for minority groups. Real median income grew by 7.9 percent for black Americans, 7.1 percent for Hispanic Americans, and 10.6 percent for Asian Americans (see Figure 1). These one-year increases were all record highs, and the new income levels reached in 2019 were all record highs, as well.
Thank goodness we now have a president who has common sense and who surrounds himself with people who have common sense instead of a president whom Krugman supports who is irresponsible and ignorant.
Krugman's predictions are as worthless as all the dire predictions on the climate. I guess humans, CO2, and our use of natural resources have taken a break from causing warming.
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