all 13 comments

[–]Huliver 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (4 children)

The Democrats just raised taxes on everyone. If you thought inflation was nuts now, wait until a few years of high taxes.

[–]iamonlyoneman 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

They didn't raise taxes THAT much. They just printed 80% of the money in circulation out of thin air in the last couple years. That's the real problem here.

[–]NuclearBadger 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

80% sounds too low tbh.

[–]SoCo 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

To elaborate, the reckless Build Back Broker Bill, become 10 times worse and now now renamed the Economic Collapse Double-Inflation Bill....

  • The non-partisan study found it will raises taxes on earners under $400K.{1}

  • Adds tons and tons of taxes to oil and gas....at an obvious bad time and just before winter, when heating becomes necessary for survival.{2}

  • It totally kills innovation in environmental industries, giving an easy regulatory capture to large monopolistic companies and pricing out smaller players.{3}

  • It makes environmentally friendly energy sources much more expensive, by adding wage requirements to every stage starting with construction as well as adding US materials sourcing requirements (batteries, components,etc), which were feigned as "racist" and "nationalistic" when considered under the Trump administration. Yes, these aren't really required per-se, you get a tax benefit for meeting these requirements. Yet no small competition will be able to meet this regulatory cost barrier, and effective regulatory capture. Only big monopolistic players, well positioned ahead of time with insider knowledge, like Polisi's Oil Barron son, chasing clean energy riches, can afford to meet and posture towards in time. They get this huge tax payer handout for doing so and the benefit of no competition, allowing them to pass on regulatory costs and investments to the end customers, with interest.

  • And worse, since the bill is huge and full of pork.

[–]Huliver 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

Democrats always hurt the ones they pretend to protect.

[–]sproketboy[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (8 children)

Pitchfork time?

[–][deleted] 7 insightful - 2 fun7 insightful - 1 fun8 insightful - 2 fun -  (7 children)

Yes, Krugman is a propagandist and a terrible economist, he also claimed inflation was 'transitory'.

[–]Drewski 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (0 children)

He's right, it's transitioning from bad to worse.

[–][deleted]  (5 children)

[deleted]

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

    Moreover, inflation is indeed transitory in a wealthy country like the US

    https://www.nytimes.com/2022/07/21/opinion/paul-krugman-inflation.html

    On January 19, 2016, he wrote an article which criticized Bernie Sanders for his perceived lack of political realism, compared Sanders' plans for healthcare and financial reform unfavorably to those of Hillary Clinton, and cited criticisms of Sanders from other liberal policy wonks like Mike Konczal and Ezra Klein.

    https://archive.nytimes.com/krugman.blogs.nytimes.com/2016/01/19/weakened-at-bernies/

    Ahh yes, the old universal health care is totally unaffordable and will never work in the US even though it does in Europe

    "Sweatshops are better than unemployment"

    https://slate.com/business/1997/03/in-praise-of-cheap-labor.html

    Krugman says we don;t need a living wage.

    https://www.thefreelibrary.com/Living+Wage:+What+It+Is+and+Why+We+Need+It.-a021103427

    [–][deleted]  (2 children)

    [deleted]

      [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

      Yes you are absolutely right that that these issues are more complex than I was suggesting, and there is some economic justification for what he is saying. However, Krugman largely ignores and never mentions many real causes of these issues that do not fit his decidedly neo-liberal narrative.

      His omission of the real cause of inflation I mentioned in my other comment is just one example. Here's a better one:

      Krugman wrote in March 2006: "Immigration reduces the wages of domestic workers who compete with immigrants. That's just supply and demand: we’re talking about large increases in the number of low-skill workers relative to other inputs into production, so it's inevitable that this means a fall in wages ... the fiscal burden of low-wage immigrants is also pretty clear."

      https://archive.nytimes.com/krugman.blogs.nytimes.com/2006/03/27/notes-on-immigration/

      Here's Krugman toeing the party line in 2017 with a major flip-flop while the DNC rails Trump for the immigration policies Biden ended up continuing.

      Immigration, actually, the evidence suggests that immigrant workers are not for the most part competing with native-born workers. They’re competing with immigrant workers who are already here, more than that ... The immigration thing, although it’s the one that resonated most with with Trump voters, is probably in fact the place where his economics is just wrong.

      https://www.econlib.org/archives/2017/12/krugman_talks_s.html

      LMAO! 😂

      I tell you what, I will grant you I don't think Krugman is a 'bad economist' that was disingenuous. I do think Krugman is 'deployed' by the DNC to write economic justifications to tell the masses what to think with his 'expert opinions' for whatever the fuck they want to do, and Krugman has no fucking integrity, and is more than happy to do the bidding of the neo-liberal machine enriching the 1%.

      [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

      About 10 years ago $15/hr was enough to have a car, the mandatory insurance, a small apartment, and ramen for every meal. It's already a dated goal. Of course, things vary by location.

      The first good step in that direction was Obamacare

      Obamacare was fucked right out the gate.

      It put millions of people in the system who previously had no access

      Is the only good thing it did. And no prior medical conditions counting against you is all they needed.

      [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

      Moreover, inflation is indeed transitory in a wealthy country like the US, as it's a form of market correction, combined with Fed restrictions. The 'transition' takes much longer in poorer countries.

      https://fredblog.stlouisfed.org/2014/03/currency-in-circulation/

      https://fred.stlouisfed.org/series/CURRCIR

      Take a look at this graph of the US money supply. Inflation should roughly equal 'growth in currency supply' - 'GDP growth' given time to correct. Currency supply up 15% per year for 2020, after nearly a decade at 5-6% (While GDP was growing 2-3%, for a healthy low level of inflation). The biggest spike in 20 years. Fed policy is why we have inflation, and Powell is Biden's guy. Krugman certainly knows this, despite whatever bullshit narrative he is shilling in the NYT.

      [–]Rob3122 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)