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.
this post was submitted on 21 Nov 2023
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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.
The rich are making more money
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?
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?
Depends, how many rich white dudes do you know?
What about the RENT, Paul?! What about HEALTHCARE, Paul!? What about EDUCATION, Paul!?
I don't care how little a new fucking TV costs!
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.
I wonder why consumer sentiment is low. Could it be that the continuous inflation eroded purchasing power without any real increase in wages?
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.
"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.
The damn Bidenomics button on this consent manufacturing machine aint work got damn
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 commune~~ A 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.
You don't. It's incredibly stressful.
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!
Capitalist economics are ideologically driven pseudo-science, more and more people are saying this.
He'll never fucking stop.