The Jim Cramer of left wing phony economists strikes again.
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From January 13, 2024, RawStory: (As reported in PJ Media)
'Disturbing scenario': Top economist sees apocalyptic future that MAGA doesn't understand
Krugman began a conversation with The New Republic's Greg Sargent by saying that Americans don't understand how essential immigrants are to the U.S. economy.
"It is something like maybe 8 million undocumented workers in the United States, something like 5 percent of the workforce," he said. "You say, OK, that would be pretty bad if we lose that, but how bad could it be? And the answer is that they are not evenly distributed.
"The whole food supply chain is reliant on people who are going to be rounded up and put in camps."
So, who is this “Top Economist”, and when did the Left begin describing economists by their preferred sexual positions? I can’t answer the latter question, but Krugman’s record for accuracy certainly reveals where he lies in the pantheon of economic seers.
Here’s one of his famous predictions:
November 9, 2016:
It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?
Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.
Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.
His most recent one earned him 1st Place in President Trump’s 2017 Fake News Awards. This was Krugman’s prediction, on the day of Trump’s landslide victory, that the U.S. stock market would “never” recover. Since then, the Dow Industrials have set 94 new record closing highs, and is up 8,000 points. Nice call, Paul.
Earlier in 2016, Krugman created the term “Trumpenfreude” to predict that the Trump candidacy “would bring down the Republican Party in ruins”. As we know, the opposite happened, adding to the growing evidence that there may be few economists in Western Civilization who have been more incorrect than Krugman.
Then, in September 2017, Krugman blamed Trump for a “cholera outbreak” in Puerto Rico; only problem was that the Center for Disease Control stated, “There was no evidence of cholera in Puerto Rico”.
Here’s one, included for a laugh: Last June [2017], Krugman wrote that “tackling climate change in the way envisaged by the Paris accord….these days it looks pretty easy”. When is the last time you read something that naïve?
…. Krugman staked his reputation for years by championing the “economic successes” of “the European Project”. Here’s one of his classic (but wrong) lines from 2010: “The real lesson from Europe is … Europe is an economic success, and that success shows that social democracy works.” Shortly afterward, Europe erupted into a huge crisis nightmare of fiscal irresponsibility.
…. In 2003, he claimed California’s taxes are “now probably below average”, when California’s taxes were then ranked eighth-highest among 50 states, and headed higher. In 2010, Krugman falsified a quote by Newt Gingrich, deceived his readers about Obamacare by misrepresenting data contained in a report he quoted, and in 2011 praised Veterans Affairs Administration as a triumph of “socialized medicine”. Krugman ignored the glaring truth about U.S. debt in 2014 by calling it “distinctly non-alarming”.
When America’s oil-fracking industry started up, he predicted that the U.S. was going to be “just a bystander” in global energy markets. In 2012, “Wrong-Way” Krugman opined that the soon-to-default economy of Argentina will be “a remarkable success story”. He predicted in 2015, “the Puerto Rico story is one (that will) fall well short of utter disaster”, and said what will save their economy is “the saving grace (of) big government”.
Interestingly, Krugman won a Nobel laureate in 2008. How can this be, you ask? No surprise here, it has everything to do with politics and little to do with qualifications. There is a political answer: Remember other questionable Nobel laureates, including Yasser Arafat, Kofi Annan, Al Gore? And of course, Barack Obama who won the Nobel Peace Prize— he was nominated before his presidential swearing-in. How does that work?
PJ Media updates his resume:
In November 2020, Krugman confidently predicted a booming economy under Joe Biden. Four years later, we're still waiting for the boom. He also brushed off concerns about inflation, claiming in early 2022 that there was no need to worry. Needless to say, the skyrocketing prices that followed told a very different story.
Be afraid; be very afraid.
