Economist Paul Krugman recently issued a bizarre claim about inflation, leading him to face criticism and ridicule on social media.
Krugman, a columnist for the New York Times, posted a graph showing inflation steadily decreasing since May 2022.
“The war on inflation is over. We won, at very little cost,” Krugman wrote on X, formerly known as Twitter.
The war on inflation is over. We won, at very little cost pic.twitter.com/opumf3nEvL
— Paul Krugman (@paulkrugman) October 12, 2023
Krugman’s claim that inflation is “over” and “at very little cost” is a very stark difference to the realities millions of Americans are experiencing daily. Under the Biden administration, inflation reached an all-time high, and with high inflation comes high prices for living necessities such as food.
Just recently, Fox Business reported that chicken prices have hit record highs across the U.S. as the country deals with inflation. Many Americans are turning toward purchasing chicken rather than alternatives such as beef and pork, given their high prices.
Chicken is just one of many items under the Biden administration, which has steadily increased in price. Since January 2021, food prices have increased by 20%. Among such foods are flour, baby food, poultry, fruits, soups, dairy products, ground beef, and roasted coffee, The Heritage Foundation reported.
The Biden administration has consistently expressed frustration over comments pointing to its disastrous economic policies and, although the rate of inflation has decreased in past months, prices haven’t.
“Inflation is easing; it’s edging lower. However, food and energy prices remain elevated, and the average American lives in an environment in which food and energy are basic for their budget. And that budget is climbing higher,” LPL Financial chief strategist Quincy Krosby told NBC News.
Krugman’s attempt to show that inflation has only gone down is obviously not the whole story, prompting online social media users to criticize the economist, with many pointing out that the inflation graph excluded spending on food, energy, shelter, and used cars.
“Thank heavens I stopped buying food, energy, cars, and housing in 2021,” Manhattan Institute economist Brian Riedl wrote on X.
Thank heavens I stopped buying food, energy, cars, and housing in 2021. https://t.co/lAepgVXios
— Brian Riedl 🧀 🇺🇦 (@Brian_Riedl) October 12, 2023
“No one needs food, energy, shelter, or transportation. Get this man another Nobel Prize,” author John LeFevre said.
No one needs food, energy, shelter, or transportation.
Get this man another Nobel Prize. https://t.co/yfe9jSzKXW
— John LeFevre (@JohnLeFevre) October 12, 2023
“If you just ignore the food you need to survive, housing to protect you, cars to get to work, and energy that’s necessary for your home and car, inflation is under 2%, y’all! Mission. Accomplished,” another user mockingly wrote.
If you just ignore the food you need to survive, housing to protect you, cars to get to work, and energy that's necessary for your home and car, inflation is under 2%, y'all!
Mission. Accomplished. https://t.co/VmVwKLHQoS
— X (Formerly Known As Numbersmuncher) (@NumbersMuncher) October 12, 2023
Perhaps Krugman will soon admit he was completely wrong about inflation, considering that the economist has a habit of admitting as such.
In 2022, Krugman admitted he was wrong when he predicted that massive government spending under the Biden administration wouldn’t lead to higher inflation, as reported by the Blaze.
“As it turned out, of course, that was a very bad call,” he said at the time.