He's not out of touch. Can't be.
"inflation has been falling fast"
Inflation is cumulative. Having lower inflation doesn't change the fact that the prices are generally up ~20% over the last few years.
Also the consumer price metric I saw excluded basic foods, clothing, and housing or something like that. Great that the poors can afford Ivory backscratchers while they're being evicted.
Yea it's infuriating to have somebody who claims to be an authority on economics say prices didn't go up in October like it means the problems solved.
They also didn't go down asshole. Everything's still double what it was 2 years ago and nobody is making more money.
MICHAEL HUDSON: It’s not a straw man argument; it’s deliberate ignorance. You have to really have tunnel vision and not understand the most basic economic history to make the misrepresentations that Krugman said.
And if I hadn’t met him, and I didn’t know how really stupid he is as a person, I would think he’s deliberately lying, but I have met him and he really is that stupid.
Lol that doesn't sound like Hudson to call someone stupid. So Krugman must be REALLY stupid.
https://youtu.be/g9qjnl6jcx0?t=144
🤣 Hahaha, I remember that one.
I found a YouTube link in your comment. Here are links to the same video on alternative frontends that protect your privacy:
Do any of these guys ever admit that unemployment is down because so many people are stringing together multiple jobs to try to make rent?
In Poland you are not counted as unemployed in statistics if you are not registered in job office. And the job offices do a multitude of tricks to make people unregister (mainly they waste tons of your time and money forcing you to answer very dubious offers in far away locations), so even in the very shit 2000's they were patting their backs because "unemployment was falling".
The US government does a similar slight of hand in that if you’re unemployed for long enough they assume you’ve “left the job market” and no longer count as unemployed.
In Denmark they used to hide youth unemployment by forcing unemployed youths into education they had no interest in and they were not able to complete. Young men were sent to trade schools, young women were sent to social and healthcare caretaker school. The result was that the young people wasted their time and experienced new educational defeats while also making it harder for teachers to teach and for other students to learn and giving these schools a reputation as "loser schools".
Mandatory education? Zenz would spin it into Danish genocide.
It also doesn’t count people who’ve given up looking for work. Double whammy
Yep, pretty much all western countries do this. When you look into the statistics, the requirements to be counted as 'unemployed' are always unexpectedly stringent, and the real figure is typically anywhere between 2x-10x higher than reported.
If you're in the UK and not employed but actively seeking employment, if you want to count towards the 'unemployed' figure, you typically need to be housing yourself, you must be looking for a minimum of ~20 hours a week of work, you can't be casually employed (even if you work an average of ~0 hours a week), you can't have been unemployed for less than one month nor for over 6 months, you can't have most recently been a student, you can't be volunteering, you can't be minding children regularly, the list goes on.
If you want the accurate number of "people who are actively looking for meaningful employment because they need money", you're out of luck.
Jobs = good economy
More jobs = more gooder economy
Do I get one of those pretend Nobel prizes for economists now?
What about the RENT, Paul?! What about HEALTHCARE, Paul!? What about EDUCATION, Paul!?
I don't care how little a new fucking TV costs!
Wow, not only are they ignoring 90% of the economy (the parts that actually effect the working class) they're now ignoring 90% of the year too! Inflation didn't increase in October! Just ignore the other months!
I look forward to when this guy starts to insist that between 3:57 and 3:59 on the 12th of January there was no inflation, which proves that the economy is doing great.
I wonder why consumer sentiment is low. Could it be that the continuous inflation eroded purchasing power without any real increase in wages?
Or high interest rates reducing investments.
Can't be that because (after prices doubled) prices didn't go up at all in October.
“The dagger isn’t being pushed into your spleen any farther, why are you still complaining?”
"Consumer prices didn't rise at all." This is the same asshole that said there was no inflation if you didn't count rent, gas, and food.
Wow, the consumer prices that were already astronomically high didn't go any higher? Great news, now I can afford a house.
I know you have to live in your car but you're employed and the line is going up so honestly I don't understand why you're complaining
We reach arbitrary number, therefore number good. God I wish my job was as easy as an economicist.
I am one of those rare people who is doing "ok". But that's because I live in a goddam commune with 4 other well educated and paid trans women. If I was your stereotypical cis het person trying to start a family I have no fucking idea how I would survive.
I wonder if it would be possible for everyone to live in a commune.
A giant global communeA massive commune system within a single country.We are having trouble adding the 5th to the mortgage so I don't think slowly adding people will get us there! Maybe we need some kind of massive turnover of our social system, like some sort of spinning of society to reinvent it and throw off inefficiencies and injustices.
The damn Bidenomics button on this consent manufacturing machine aint work got damn
A guide to U.S. politics and the economy — from the mainstream to the wonkish.
what a spectrum! "mainstream to wonkish" to subtly reassure the complacent liberal that their status will not be challenged
Sure, it looks bad down in the pit, and every bone in your body might be broken— but things are good! You have stopped falling, and your bones stopped breaking!
Core Inflation excludes many things like gasoline and other essentials, so this whole "there's no inflation, it's actually falling" is the typical economist bullshit
Capitalist economics are ideologically driven pseudo-science, more and more people are saying this.
