Yesterday New York Times economic writer Paul Krugman had a tweet that looks like it could have been written by President Biden's gaslighting economic advisers. If you missed it, this is the tweet:
The war on inflation is over. We won, at very little cost pic.twitter.com/opumf3nEvL
— Paul Krugman (@paulkrugman) October 12, 2023
Another "When Krugman Imitates the Babylon Bee" moment occurred with that doozy:
When you become a Babylon Bee article from 2 years ago pic.twitter.com/KExnLyz83S
— Kyle Mann (@The_Kyle_Mann) October 12, 2023
Cool Community Note on Krugman's declaration of victory over inflation:
The exclusion of food, shelter, energy, and used cars is misleading. All prices included in CPI shows year over year inflation at 3.7% as of September 2023 https://www.bls.gov/cpi/
It certainly does not look like the battle against inflation has been won just yet (where's that darn Inflation Reduction Act?).
After getting Community Noted, Krugman decided some further explaining was in order:
I was too flip here. I've been using this particular measure for a while, so want to be consistent. But it has flaws (medical insurance too optimistic). But almost every measure now <3 percent. 1/ https://t.co/fNN1dM42JC
— Paul Krugman (@paulkrugman) October 13, 2023
"Flip"... "wrong" -- po-tay-toh, po-tah-toh.
People have been reluctant to call this. But the data really want to tell us that inflation has very nearly normalized 4/
— Paul Krugman (@paulkrugman) October 13, 2023
The only thing that's normalized is the amount of mockery that's being directed at Krugman.
Now you’re just trolling
— Chris Brunet (@realChrisBrunet) October 13, 2023
The only flaw you can point out in this graph is “medical insurance too optimistic”?
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“At very little cost” as the entire middle class can no longer afford to buy a home. Well done sir.
— Ross Hendricks (@Ross__Hendricks) October 13, 2023
A lot of people can barely afford groceries & gas as well.
'Being..too...flip..here"
— Frank Hill (@Telemachus111) October 13, 2023
As well as being wrong...again.
Anytime anyone uses #inflation figures that excludes all the things people buy on a daily basis, they are bogus and false. https://t.co/gZZ0gDBVwO
And there it is…
— Casey V. Fulp, CFP® (@CH_Plan) October 13, 2023
Legendary.
Put this guy in a room with @SecYellen and all the world’s problems would be solved.
(This is extreme sarcasm for anyone not picking up on that) https://t.co/7zvxYNRDnl
Remember when these people insisted inflation would be "transitory"? Good times.
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