Perhaps Paul Krugman should remember that economics is about studying people’s decisions and actions, not about convincing them that his preferred political party’s policies are making their lives rosy, writes Levi Russell.
GDP growth, as it does not take into account fiscal policy designed to ease the pain of the lockdowns. This isn’t good news for Biden’s economic record for the new year.
No discussion of the economy is complete without mentioning inflation. Long before the Russian invasion of Ukraine was a major concern, consumer price inflation was"Too much money chasing too few goods" is a convenient shorthand definition of inflation. During Biden’s first year in office, his anti-energy policies and the general uncertainty his administration represents sent consumer prices soaring.
For some reason, Krugman has overlooked the data and arguments in favor of the average person's outlook on our economy. Perhaps he should remember that economics is about studying people’s decisions and actions, not about convincing them that his preferred political party’s policies are making their lives rosy.
Levi Russell is an assistant teaching professor at the Brandmeyer Center for Applied Economics at the University of Kansas and a fellow at the