Krugman: GOP partisanship hides ‘Bidenomics’ triumph.
Economist Paul Krugman: Public Perception of Economy Under “Bidenomics”
Economist Paul Krugman recently shared his thoughts on the public’s perception of the economy under “Bidenomics.” In an interview with CNN’s Christiane Amanpour, Krugman expressed his surprise at how quickly and painlessly inflation has come down, stating that it is not too far from the target of 2% and under 3% by most measures. He described the current state of the economy as a “Goldilocks economy,” which is great news.
Is the Economy Really Struggling?
Despite rising inflation and the challenges faced by many under President Joe Biden, Krugman believes that the situation is not as disastrous as some may think. He pointed out that people’s behavior, including discretionary spending, indicates that the economy is not as bad as it is being portrayed. Krugman acknowledged that there are people who are hurting, especially due to the withdrawal of pandemic aid programs, which has led to a significant increase in child poverty. However, he emphasized that these numbers do not fully capture the overall state of the economy.
Partisanship and Perception
Krugman highlighted the role of partisanship in shaping people’s perception of the economy. He noted that in a divided country, Republicans tend to give the current economy a worse rating than the economy of 1980, despite the fact that the unemployment rate and inflation were much higher back then. Krugman dismissed this analysis as nonsensical, attributing it to tribalism and people saying what they think they should say about the economy rather than having an actual perception.
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