Here’s something we didn’t need: CNN’s Brian Stelter had on as a guest Sunday Paul Krugman, who said that it’s “a media failing” that people have a terrible view of the economy yet think their financial situation is “pretty favorable.” Of course, ask Krugman for his definition of a recession and you’ll note it falls in line with the White House’s insistence that we aren’t in one. Plus gas prices are plummeting!
"If you ask people 'How is your financial situation?' it's pretty favorable," @paulkrugman says. "If you ask them 'How is the economy?' they say 'Oh, it's terrible.' That's a media failing." https://t.co/gwA6vs31PM
— Brian Stelter (@brianstelter) August 1, 2022
Paul Krugman, a Nobel Laureate and economist and a longtime columnist for the New York Times, said the economy is not in recession, but added that the distinction doesn’t even matter.
“Jobs are abundant, although maybe the job market is weakening. Inflation is high, though maybe inflation is coming down,” Krugman said. “What does it matter whether you use the R word or not?”
But in today’s divisive environment, the debate over whether or not to use the word recession by some members of the media has become “especially vitriolic,” Krugman said.
“I’ve never seen anything as bad as the determination of a lot of people to say it’s a recession,” Krugman said. “It’s above and beyond anything I’ve ever seen.”
Negative news stories often get the most attention, Krugman added, but when it comes to the economy, a plurality of voters appear to not be aware of its underlying strength.
“I think that what’s happening now is that there’s been a kind of a negativity bias in coverage,” Krugman said, pointing to a “media failing” when it comes to accurately covering the realities of what most Americans are experiencing in this economy.
“They want their Biden recession,” Krugman added.
If some people didn't watch any media, they would still see groceries and gas prices are significantly higher than two years ago.
— Tim Stoner (@timothystoner) August 1, 2022
Inflation has more than wiped out wage gains, and it mostly impacts the poor. Obviously “reliable” Stelter doesn’t care about them.
— Dedmund Fitzgerald (@DedmundFitzgrld) August 1, 2022
Did he only ask rich people?
— Deedee71 (@benny171a) August 1, 2022
Journalists, it's your fault people think they're paying more for everything. https://t.co/lFOzCXg2M6
— Omri Ceren (@omriceren) August 1, 2022
No, it's not @brianstelter. It's the media looking for any silver lining so they can sell Biden's disaster as something positive.
Ask those people how their fuel and food bills are, especially compared to the last few years. How favorable is that answer? https://t.co/Enig9ItV37
— Ranting Monkey (@Ranting_Monkey) August 1, 2022
Failed “journalist” quotes failed “economist”
— Libertarian Party NH (@LPNH) August 1, 2022
Paul Krugman: 'Everyone I know is doing just fine. I don't know what everyone's complaining about.' https://t.co/oGttubNnDV
— Chad Felix Greene (@chadfelixg) August 1, 2022
The people I know are struggling mightily. This is extremely condescending. https://t.co/D9bG8N3xH5
— CB (@chrisbrown111__) August 1, 2022
I just paid $150 for half a cart of groceries. And $100 to fill my gas tank. If only I had an extra $50k lying around for EV, I could get a tax break. 🙄
— Fiona Smiles (@FionaSmilesAtU) August 1, 2022
My financial situation sucks relative to what it was two years ago.
— Lily Rose (@GenX_ftw) August 1, 2022
Please keep quoting this guy. You are both doing great!
— FASJr (@FAllenStoneJr) August 1, 2022
It’s the media’s fault for people not thinking the economy is booming.
Paul Krugman fires back at those mocking 2020 prediction by making the ‘Biden Boom’ even MORE boomy https://t.co/8HIzCZliQn
— Twitchy Team (@TwitchyTeam) August 1, 2022