https://issuesinsights.com/2022/04/15/hold-on-to-your-wallets-wrong-way-krugman-says-inflation-will-soon-ease/
How often does he have to be wrong before the Nobel Committee asks for its prize back?
New York Times columnist and – we’re constantly reminded – Nobel Laureate Paul Krugman says that inflation, which hit another new high this month, will soon abate. Why? Because, he wrote on Tuesday, “Lumber prices have plunged in recent weeks. Prices of industrial metals such as copper are coming down. Prices of used cars are still very high, but their surge has stalled and they may have peaked.”
Oh, wait. That was from a column that Krugman wrote in June 2021.
What he wrote this week was that the gigantic bipartisan infrastructure bill passed last fall will get inflation under control because it will “alleviate the supply bottlenecks that have played a big role in recent inflation, while making workers more productive.”
Our apologies. That was Krugman in August 2021.
What he wrote was that “if we finally get this pandemic under control, the inflation of 2021 will soon fade from memory.”
Oops. That was Krugman in September 2021.
Here’s what he said. “The Fed can easily contain any pickup in inflation.”
Sorry, again, that was Krugman way back in January 2021, when he promised that President Joe Biden’s $2 trillion “rescue” plan wouldn’t cause an inflationary spiral and that the Fed could deal with any uptick in prices with a modest boost in interest rates.
It’s hard to keep up with all the times Krugman reassured us over the past year that inflation wasn’t and wouldn’t ever be a problem under Biden.
What Krugman actually wrote this Tuesday was that “inflation will probably fall significantly over the next few months.”