Uh, Oh … Krugman Predicts Good Economic News | Eastern NC Now

Editors at Issues and Insights aren’t too thrilled about the latest economic projections from Paul Krugman.

ENCNow
Publisher's Note: This post appears here courtesy of the John Locke Foundation. The author of this post is Mitch Kokai.

    Editors at Issues and Insights aren't too thrilled about the latest economic projections from Paul Krugman.

  • New York Times economics pundit Paul Krugman, who has made a handsome living for decades being wrong, recently predicted economic times may get better, a lot better, under Joe Biden.
  • Is he right? In the past, the impeccably progressive Krugman's ideological blinders have prevented him from seeing reality even in his specialty, economics. That's especially true when it comes to any policy or idea emanating from Republicans, for whom he has a special animus.
  • Truth is, Krugman has been consistently wrong in most of his predictions, especially about major economic trends. And his errors really ratcheted up after Donald Trump won the presidency in 2016. He Krugman predicted nothing but gloom and doom.
  • Days after the stunning defeat of Krugman's favorite Hillary Clinton, the Nobel Prize winner predicted Trump's win would lead to a global recession "with no end in sight." That was obviously wrong. He continued to make faulty predictions in 2017 and 2018, guided more by political vitriol and bile than by his own economic training. The more he hated, the worse his forecasts.
  • But the boom year of 2019, before the pandemic, really told the tale. That year, the economy was clearly roaring, with unemployment sliding to near-record lows for all Americans. Minorities, in particular African-Americans and Hispanics, saw their unemployment rates hit all-time lows, while incomes for those on the bottom rungs of the economic ladder and the middle class grew fastest of all.
  • The stock market soared as new technologies created innovative products and services, taxes were cut, and excessive regulations were slashed. Economically, it was the best year of the 21st century.
  • And yet, as columnist David Harsanyi pointed out well before the pandemic, Krugman's economic prognostications all during this extraordinary year were consistently glum, and wrong.

Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published )
Enter Your Comment ( text only please )




National Review Editor Labels Trump’s Georgia Call ‘Shameful’ John Locke Foundation Guest Editorial, Editorials, Op-Ed & Politics 1 Out of 5 Students Not Regularly Attending Virtual Class


HbAD0

Latest Op-Ed & Politics

If you are covering Roy Cooper in Greensboro today, please consider the following statement from the Republican National Committee:
Obama and Biden judges abuse power for political reasons to try to stop Haitian deportations

HbAD1

teachers union rally held on major socialist / communist May Day holiday
Democrats foment climate of violence against Trump and GOP
Cheryl Hines. Dennis Quaid. Nicki Minaj. All became associated with the Trump administration. What happened next?
A federal grand jury in North Carolina has indicted former FBI Director James Comey on two charges related to making threats against President Donald Trump.
Their goal was simple: to put a Planned Parenthood in every mailbox in America.
Treasury officials allege these groups pose as humanitarian entities while covertly siphoning donations to Hamas.
President Donald Trump has publicly floated regime change and other aggressive actions toward Cuba.

HbAD2

With a new roadside plaque unveiled in Ellerbe on April 23, legendary wrestler and local resident André René Roussimoff is finally getting the formal recognition fans believe he deserves.
Following a string of attacks, critics are calling for denaturalizations. It's not that simple.
Understanding how parties work is important for making informed decisions regarding elected officials.
The solution is not to legalize the problem; it is to enforce the law consistently and deter future illegal immigration.
The teachers union is pushing to cancel school on May 1 as Chicago public schools continue to report dismal student proficiency rates.

HbAD3

 
 
Back to Top