Paul Krugman Retires From His Career Of Being On The Wrong Side Of Economics

I asked AI to list some of his boners. Here’s what came up

Paul Krugman, a Nobel laureate economist and columnist for the New York Times, has been known to make predictions and argue for certain economic policies that have been proven wrong or controversial over time. Here are a few examples:

1. Predicting the 2008 Financial Crisis: In the years leading up to the 2008 financial crisis, Krugman was skeptical of the severity of the housing bubble and the potential consequences of a housing market crash. He argued that such a scenario was unlikely and that the economy would continue to grow. However, the crisis ultimately occurred, causing a major recession and exposing the flaws in Krugman’s predictions.
2. Arguing against austerity: Following the 2008 financial crisis, Krugman advocated against austerity measures and argued that governments should focus on boosting spending to stimulate the economy. However, many countries that implemented expansionary fiscal policies saw mixed results, and some economists argued that a more balanced approach to austerity and stimulus was necessary.
3. Predicting a “double-dip” recession: In 2010, Krugman predicted that the U.S. economy would experience a “double-dip” recession, with a second downturn occurring after an initial recovery. However, the economy continued to grow steadily, and the double-dip recession never materialized.
4. Arguing against the effectiveness of Quantitative Easing: Krugman has been critical of the Federal Reserve’s use of quantitative easing, arguing that it was not an effective tool for stimulating the economy. Some economists, however, have attributed the recovery of the U.S. economy in part to the Fed’s aggressive monetary policies.

Here’s what a second engine said:

Paul Krugman, despite his reputation as a prominent economist, has made several predictions that did not materialize as he expected. Here are some specific predictions by Krugman that didn’t come true:

Economic Predictions

1. 2008 Financial Crisis: Krugman failed to anticipate the severity of the 2008 financial crisis1.
2. Fannie Mae and Freddie Mac: In July 2008, Krugman predicted that concerns about a possible collapse of Fannie Mae and Freddie Mac were “overblown.” Months later, both institutions required massive government bailouts1.
3. Unemployment Rate: Krugman supported the Obama administration’s stimulus package, which was predicted to keep unemployment below 8%. However, unemployment surpassed 10% despite the stimulus1.

Interest Rates and Fiscal Policy

1. Zero Lower Bound: Krugman believed that nominal interest rates couldn’t go below 0%. This proved incorrect as some countries experienced negative interest rates2.
2. Fiscal Austerity: In 2013, Krugman predicted that U.S. budget cuts (the “sequester”) would lead to severe economic damage and possibly a double-dip recession. Instead, the U.S. economy continued to recover2.
3. Inflation and Deflation
4. Accelerating Deflation: Krugman’s model predicted accelerating deflation in the face of a prolonged economic slump. In reality, consumer prices rose modestly even as unemployment remained high2.
5. Price Deflation: In February 2010, Krugman warned of potential price deflation in the near future, comparing the U.S. situation to Japan’s. This did not occur; instead, his preferred measures of CPI turned around sharply within months2.
6. Oil Prices and Production
7. Permanent High Oil Prices: In June 2008, with oil at $137 per barrel, Krugman predicted that oil prices were on a permanently higher trajectory. The price of oil collapsed mere months later3.
8. U.S. Oil Production: Krugman failed to foresee the surge in U.S. crude oil output. He had expressed skepticism about significant increases in oil production, but U.S. field production of crude nearly doubled in the following decade

I’ve never trusted the NYT other than to be on the liberal side of anything, even if it means they were wrong. That he got an award for his economic writings is analogous to Obama getting a Nobel before he did anything other than lie to get elected.

Go away and stop ruining our lives like the rest of the Coastal elites that misunderestimate (Bush-ism) what the real America and real Americans who live in flyover country believe. It’s why most of the country just voted red instead of blue.

Assholes like this need to go away.