Award winning economist posts Biden's truth, chuds of X and WSB mald seethe and choke
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A small portion of dead bird site cope chains:
:marseyboomer: Next up, CPI minus everything but Cessnas, Zoom licenses, and live crickets.
:marseyargentina: I. The official US inflation does not include food and energy costs. II. The official US inflation allows substitution. III. Substitution is allowed to dampen inflation. trilema.com/2013/the-wonder-…
:marseyboomer: I’ve helpfully circled the number of people who realized it was a joke…
TBF, what Krugman’s chart does illustrate is that the things still in strong demand are necessities - food, shelter, energy - while demand for “luxuries” has slacked. This shows low/mid income people are hurting. And then those people make fun of economists that say “look! the things you don’t need are cheaper” 😆
. It is true that when you exclude a bunch of the things that have the highest inflation, you can successfully lie and pretend that inflation is coming down, for your political party’s benefit.
. Is it also true that, when you cut taxes for the millionaires, you create more billionaires.
And that they keep the prices low to help a fellow billionaire win elections.
:marseyschizowall: It’s a Friday afternoon. You pick up a few things at the grocery store. Your 11 items cost ~$100. Not to mention the items are smaller than they were a year ago.
Then you fill up your car so you can commute to work next week - $75.
You then take your spouse out to eat at a pub; you share an appetizer + you each have burgers / fries and each have one beer - $75 (including tipping the waitress, who you know is struggling to make ends meet).
You’ve now spent $250 on day-to-day working class activities that cost half this much 3-4 years ago. And your wages have NOT doubled.
You can’t cherry-pick data out of the disaster that runaway government spending created.
And just because YOU can’t see it sitting in your gated community working from home on your laptop…
…doesn’t mean it’s not real.
The only thing “defeated” is credibility of national media, who continue to take tone deaf to an entirely new level.
:marseycatgirl3: More trustworthy data shows people coping by cutting back on things like doctor checkups or auto maintenance or dental work… and borrowing heavily on credit cards, or in the form of HELOCs. This happened in 2008 and we know that turned out.
. Krugman has always been a nutjob. Whatever the circumstances are, he is contrarian.
WSB Seethe Thread
Choice Comments:
(+2255) If we adjust for inflation, inflation is 0%
(+79) Someone gives this commenter a nobel prize in economics too… according to krugman, all you need is to decorate this discovery with lots of math
(+413) The guy went from a Nobel prize winning economist to a deranged political hack. He cannot stop his politics from clouding up his economics. What a shame
(+1497) So, if you eliminate all the important things that everyone needs, inflation is down…got it. Give this man a prize!!! 🤦♂️
(+500) He’s an award winning economist if you can believe it.
(+449) he real question is why Paul Krugman is allowed on the internet and isn’t sticking to fax machines.
“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law’–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” -Paul Krugman
He should have won an award for being as wrong as possible.
(+146) Regard of the year
(+7) You guys are actually such dummies. Even if you add back in those items, inflation is pretty much the same. The Nobel-prize winning economist excluded those items because they have high volatility, not because of some grandiose conspiracy fuck wits. wait a minute… highly volatile sounds like the average bozo can’t afford it. Oh well. That just means nothing’s changed!
(+2) 81 million scumbags still voted for the current president who terminated oil and gas leases his first days.
(0) And yet, thanks to those voters, that same president has us not only pumping more oil then ever before, and not only producing more clean energy then ever before, but has made us more energy independent than ever before.
(+1) US oil production was higher in 2019.
The future is going towards clean energy. Even if a conservative is elected in 2024, I bet there would be a new record in clean energy. It’s just the trend.
SPR has been drained leaving the country less independent. 40 years of building up stockpiles drained in around a year in order to drop gas prices before midterm election.
US oil production was higher in 2019. Nope. We’re producing more oil than ever.
SPR has been drained leaving the country less >independent. 40 years of building up stockpiles >drained in around a year in order to drop gas prices >before midterm election.
Yes, it was either continue to have gas prices rise, or use the reserves. Of course this is largely due to trumps demand for Saudi Arabia to cut oil production or lose military support.
Nope. We’re producing more oil than ever.
That’s an expectation for the future. November 2019 had the highest production on record. We’ll see what happens for the rest of the year. It’s definitely possible that this year will become the highest on record but it hasn’t happened yet. It wouldn’t surprise me if 2023 was a record year especially given the fact that oil prices have risen so much which incentivizes more marginal production.
It’s the same thing as with clean energy, as the economy grows, more and more oil will be produced, at least up to a point. It doesn’t even matter who is in office. Until we have reliable clean energy that can meet the needs of the world, more oil will be produced through time.
this is largely due to trumps demand for Saudi Arabia to cut oil production or lose military support.
The crude oil spike last year was mostly due to the Russia/Ukraine war if you ask me.
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