Krugman With The Word

Created
Wed, 17/01/2024 - 06:00
Updated
Wed, 17/01/2024 - 06:00
There is so much talk about the Trump economy being the best the world has ever seen and it’s mainly because Trump just keeps saying it over and over again. It was good but it wasn’t great and on many metrics Biden’s is better. But, of course, we’ve been hearing nothing but gloom and doom about the economy for the past three years so people aren’t hearing that. Here’s some reality from Krugman: Now that Donald Trump is the Republican nominee — I know, it’s not official, but let’s get real — we can expect to hear a lot about how great the economy was on his watch. Which is strange, because he was the first president since Herbert Hoover to leave office with fewer jobs than when he came in. What’s happening here is that Trump has been given a mulligan for 2020. And to be fair, the huge job losses that took place that year were caused by Covid-19, not Trump’s policies. What’s really odd, however, is that this mulligan appears to be highly selective. For one thing, if Trump gets to write off the job losses of 2020, President Biden should be allowed to write off the inflation of 2021-22, which we know was largely caused by the aftereffects of the pandemic. How do we know that? Because in 2023, when the economy finally finished adjusting to pandemic disruptions, inflation plunged without any large rise in unemployment. Also, when Trump supporters go on about his great economy, they play…