Krugman Says He Was ‘Wrong About Inflation’, Summer Talks About Recession, Criticizes Biden Over ‘Half Truths and Lies’ – Bitcoin News Economics


In mid-June, red-hot inflation reared its ugly head in America again, with the latest CPI report from the US Bureau of Labor Statistics indicating that inflation in June rose at the fastest pace in more than 40 years. US President Joe Biden has been in office for 18 months now, and media reports are starting to suggest that his administration was wrong about inflation and that his administration has made “questionable claims about peak inflation.” Meanwhile, the Biden administration and some reports indicate that there are “signs that inflation has peaked” in the United States, where commodity and oil prices have fallen recently.

‘I was wrong about inflation,’ says Paul Krugman, ‘Larry Summers claims that ‘the odds are probably better than halved that a recession will start next year’

On July 13, Bitcoin.com News reported in its June CPI report that the measures of inflation observed for that month reflected a 9.1% year-over-year increase. The increase in inflation in America recorded in June 2022 rose at the fastest pace since November 1981. The White House noted at the time that the CPI report was already out of date the day the Bureau of Labor released the data.

After the latest CPI data, reports indicated that West Virginia Senator Joe Manchin has ignored Biden’s climate bill due to inflation concerns. While the current president has been heavily criticized for inflation, on July 15, White House correspondent Alexander Nazarian spoke Emphasized in the editorial That inflation has become “Biden’s political nightmare.”

Krugman Says He Was 'Wrong About Inflation, Summer Talks Recession', Biden Criticizes More Than 'Half Truths and Lies'
On July 21, 2022, US economist Paul Krugman said he was wrong about inflation in an op-ed published by The New York Times. “Anyway, the whole experience was a lesson in humility,” Krugman said Thursday.

Inflation has jumped so high that the Nobel Prize-winning American economist, Paul Krugman, wrote Article – Commodity to the New York Times noting that he was “wrong about inflation”. Krugman spoke specifically about the US bailout and mentioned that some economists have warned that it will lead to higher inflation. Krugman said that like many Keynesian economists they were more “comfortable” about the stimulus package.

“As it turns out, of course, this was a very bad call,” Krugman wrote on July 21.

Krugman also quickly mentioned Larry Summers, a former economic advisor to former President Barack Obama. Summers spoke about the recession recently at the Aspen Security Forum. the summer explained “The odds are probably better than half that a recession will start next year.” The economist also touched on the prices of crude oil and commodities, highlighting the problems of the “geopolitical situation”.

Krugman Says He Was 'Wrong About Inflation, Summer Talks Recession', Biden Criticizes More Than 'Half Truths and Lies'
US economist Larry Summers urges the Biden administration to do more to fight inflation. “I wish my friends in the administration would turn their attention to what they can do to reduce inflation rather than clinging to the idea that this is something that was done to them by fate,” Summers said.

“I think that will depend a lot on what happens outside the economic realm,” Summers He said In the Aspen Security Forum. “It will also depend on how lucky you are and how skilled your team is. [Federal Reserve] It turns out that … they have a very difficult problem of equilibrium in the position of monetary policy, given the situation in which we find ourselves.”

Biden’s “half truths and outright lies” have been called

Some recently published reports have begun to call out “the Biden administration’s dubious claims about peak inflation.” For example, Kevin A. Hasset, author of nationalreview.com discuss Biden’s excuses and “a new low ever for economic connectivity”.

“Biden even claim That two consecutive negative quarters are not a recession,” Hassett writes. “Students of economic history know better,” Hassett, senior advisor to National Review Capital Matters, concluded. In fact, there will be absolutely no controversy when writing this year’s story, and this date is worth keeping in mind as the spinning machine spins.”

Krugman Says He Was 'Wrong About Inflation, Summer Talks Recession', Biden Criticizes More Than 'Half Truths and Lies'
“What is a recession? While some see two consecutive quarters of decline in real GDP constitute a recession, that is neither the official definition nor the way economists assess the state of the business cycle,” the Biden administration said in Economic Briefing Posted on Thursday. “Looking ahead, we know that the US, along with the rest of the global economy, is facing significant headwinds – and so far there is little relevant data available in the third quarter (third quarter of 2022).”

On July 20, 2022, two opinion contributors to The Hill, EJ Antoni and Stephen Moore, published a post titled “Biden’s Six Favorite Lies about Inflation and the Economy.” Authors sum up “The most economically consequential deception of the Biden administration.”

The scams include telling people that “anyone who earns less than four hundred thousand dollars will not be taxed,” which turned out to be false. The authors criticized the White House for say Inflation is worse everywhere except for the US, and when Biden said the economy stalled when he took office 18 months ago. Moore and Anthony accuse Biden of exaggeration, as was the case with the President of the United States He told the press He was responsible for the most powerful job-creating economy in the modern era.

“This is more of an exaggeration than a bold lie,” wrote opinion contributors to The Hill. Finally, the authors gave Biden Flack say American families carry less debt and savings under his administration and how Biden was pointed He is doing his best to bring down gas prices.

“Perhaps none of the half-truths and outright lies should come as too surprising — what should we expect from an administration that first denied inflation, then said inflation was temporary, and then claimed it was just a high-class problem?” Opinion authors conclude.

Meanwhile, Biden is the other Accused By telling people if they are vaccinated they will not get Covid-19, at least four times in the past. However, the President of the United States is currently in isolation from getting sick After taking all recommended vaccinations and tonics.

Moreover, a Report published by the Wall Street Journal (WSJ) now claims “there are signs that inflation has peaked,” according to specific signals in the US economy. The Wall Street Journal cites Evercore ISI president Ed Hyman when he “pointed to several indicators that 9.1% may have been ahead.”

Tags in this story

US bailout, Aspen Security Forum, Biden administration, Evercore ISI chairman, COVID-19, questionable allegations, economic advisor, economic communications, economics, Ed Hyman, AJ Anthony, inflation, peak inflation, inflationary pressures, Joe Biden, Kevin A Hassett, Larry Summers, National Review, Paul Krugman, Peak inflation, Stephen Moore, stimulus, US economy, White House

What do you think of Krugman’s latest article and Summer’s prospects regarding the US recession? What do you think about the chaos that US President Joe Biden is getting for his statements about the economy? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




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