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New York Times columnist Paul Krugman tripled on his heavily mocked claim that the country is experiencing a “Biden boom” on Tuesday.
Krugman’s latest op-ed focused on the backlash he faced after insisting the United States is not in recession, despite reports showing two consecutive quarters of negative growth. He continued to deny claims of a recession and insisted the economy has been growing positively.
“But the absence of a recession aside, one question I get asked is what happened to the ‘Biden boom’ that I predicted – and many other economists?” Krugman wrote. “And the answer is that it happened! But Americans don’t feel it, and it’s worth asking why.”
Krugman originally predicted in November 2020 that the economy would experience a “Biden boom” following the coronavirus pandemic.
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After 18 months, Krugman said Biden’s presidency was a success for having “added” more jobs than Trump did in his first 36 months in office. While he admitted that many of the jobs “added” during Biden’s presidency could be attributed to jobs recovered after being lost to the pandemic, he asserted that “that’s kind of a moot point, to anyway,” because presidents “often get credit or blame for economic developments that have little to do with their policies.”
He also suggested that the “partisan environment” could be a factor in why people perceive the economy to be bad despite the “Biden boom.”
“So why isn’t Biden getting credit for the Biden boom, which is a reality? Part of the answer is that people may not know. Some polls suggest the public may not know. not that we’ve created jobs at all, let alone at a record pace. And we’re in a partisan environment where politicians – let’s not be on both sides, politicians on the right – can make blatantly false claims and make people believe to their supporters. The other day, Trump told a crowd that gasoline in California is $8.25 a gallon, and no one laughed. (It was actually $5.43 back then .),” Krugman wrote.
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Although he praised the economy, Krugman admitted that “inflation has, in fact, outpaced wages since Biden took office; jobs may be up, but real wages of those with jobs are falling We can wonder if this episode is bad enough to justify the public’s extreme negativity about Biden and his economy, but it’s certainly a bad thing. .”
Still, he claimed rising inflation is a response to the “Biden boom” working too well as well as situations out of Biden’s hands.
“The big criticism of Bidenomics, which has a lot of justification, is that last year’s big spending has produced too a Biden boom, which led to a rise in underlying inflation; now the Fed has no choice but to compress the economy with higher interest rates until core inflation falls,” Krugman wrote.
He concluded, “Either way, the Biden boom was real. It was just overshadowed by inflation, much of which had nothing to do with American politics.”
As recently as August 1, Krugman insisted the economy had experienced a “Biden boom” that had led to rising inflation. This followed reports that inflation had risen to a record 9.1% in June.
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As of now, economic reports showed that inflation rates have cooled to a still high 8.5%.