Breitbart business and finance editor John Carney provides insight into the economic situation in “Kudlow.”
Economist Paul Krugman was heavily criticized on social media and by an economist who spoke to FOX Business over a tweet in which he claimed that the latest CPI numbers showed that inflation was “over” and that it ” “can be defeated with little effort”.
“The war on inflation is over,” Krugman, an economics professor at the City University of New York and a New York Times columnist, wrote Thursday on X, formerly known as Twitter.
“We won, and at very little cost.”
The post was by
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Nobel Prize-winning economist Paul Krugman, professor of international trade and economics at Princeton University, speaks during an interview with Bloomberg Television January 28, 2013 in New York. (Scott Eells/Bloomberg via Getty Images / Getty Images)
EJ Antoni, a research fellow in regional economics at the Heritage Foundation’s Center for Data Analysis, told FOX Business that Krugman’s tweet was “dishonest.”
“Krugman’s so-called analysis would make Goebbels blush for its dishonesty,” Antoni said. “This is another example that if you torture the data enough, it will confess to something.” Krugman literally removed 58.006% of the entire CPI index to bring inflation down to 2%.
“That in itself is damning, even if it is a bit of praise, because it means that even if you exclude the fastest-growing components of the index, there is still inflation and virtually nowhere have prices fallen for consumers.”
Antoni continued: “While Krugman is at it, if he really wants to bring the number down, he might as well remove a few more components of the index. For example, according to my latest estimates, if you remove all of the CPI from the CPI, then inflation goes to zero. Krugman would probably call such a chart “CPI ex CPI” and tout it as the ultimate proof of Bidenomics’ success.”
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Customers shop at a supermarket in Foster City, California, on September 13, 2023. (Li Jianguo/Xinhua via Getty Images / Getty Images)
Many social media users echoed Antoni’s criticism of Krugman.
“Aside from food, energy, housing and car costs, we have won the ‘War on Inflation,'” posted Outkick writer Ian Miller on everything that makes his political party look bad.
Krugman appears to have retracted his original post on X with a follow-up post.
“I was too flippant here,” Krugman said. “I’ve been using this particular measure for a while, so I want to be consistent. But it has flaws (health insurance is too optimistic). But almost every measure is now below 3 percent. 1/Looking at the entire distribution, we appear to be pretty close to pre-pandemic inflation 2/And PCE inflation, which doesn’t have the same flaws and shows us getting closer to the 2 percent mark. Eg 3/People were hesitant to name this. But what the data really wants to tell us is that inflation has almost returned to normal.
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President Biden speaks during a Bidenomics event at Prince George’s Community College in Largo, Maryland, on September 14, 2023. (Al Drago/Bloomberg via Getty Images / Getty Images)
Krugman did not immediately respond to a request for comment from FOX Business.
“Krugman’s sycophantic tweet is deceptive, not only because of its obvious error in creating a useless index that is not truly representative of a consumer’s spending habits, but also because of its implications,” Antoni told FOX Business.
“What Krugman is implicitly saying is that things aren’t so bad when you’re homeless, starving and freezing to death because everything else is affordable.” Alfred Nobel turns in his grave as he receives his eponymous award, a charlatan like Krugman .
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Krugman has long drawn the ire of conservatives with his predictions and comments on the economy, and was criticized last August for claiming the economy was experiencing a “Biden boom.”
In July 2021, Krugman published an editorial titled “I Was Wrong About Inflation,” in which he wrote that he was on “Team Relaxed” when it came to inflation fears and acknowledged that it was a “very bad decision.” be.