{"id":24124,"date":"2016-11-14T11:38:50","date_gmt":"2016-11-14T16:38:50","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=24124"},"modified":"2016-11-14T11:43:27","modified_gmt":"2016-11-14T16:43:27","slug":"ny-timess-paul-krugman-discredited-in-record-time","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/24124\/ny-timess-paul-krugman-discredited-in-record-time\/","title":{"rendered":"NY Times&#8217;s Paul Krugman Discredited In Record Time"},"content":{"rendered":"<p>There may be no commentator more exposed and discredited in recent years than <em>The New York Times&#8217;s<\/em> Paul Krugman.<\/p>\n<p>Where to even begin? \u00a0My personal favorite might be his call for a massive spending &#8220;stimulus&#8221; when Obama entered office, which <a href=\"http:\/\/krugman.blogs.nytimes.com\/2008\/11\/10\/stimulus-math-wonkish\/\" target=\"_blank\">he estimated<\/a> should be approximately $600 billion, to return economic health to the nation. \u00a0&#8220;When I put this all together,&#8221; he said, &#8220;I conclude that the stimulus package should be at least 4% of GDP, or $600 billion.&#8221; \u00a0Obama ended up getting something much larger, closer to $1 trillion. \u00a0Yet when the U.S. proceeded to suffer the <a href=\"http:\/\/cfif.org\/v\/index.php\/commentary\/43-taxes-and-economy\/3077-no-obama-didnt-prevent-the-next-great-depression\" target=\"_blank\">worst decade<\/a> of economic performance in U.S. history and multiple failed &#8220;recovery summers,&#8221; Krugman just shamelessly published a later\u00a0<a href=\"http:\/\/krugman.blogs.nytimes.com\/2010\/07\/28\/how-did-we-know-the-stimulus-was-too-small\/\" target=\"_blank\">piece<\/a> entitled &#8220;How Did We Know the Stimulus Was Too Small?&#8221;<\/p>\n<p>Fast forward to election night, when he moped and <a href=\"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.\" target=\"_blank\">went on record predicting<\/a> that markets would never recover from Donald Trump&#8217;s victory. \u00a0You can&#8217;t make this stuff up:<\/p>\n<blockquote><p>It really does now look like President Donald Trump, and markets are plunging. \u00a0When might we expect them to recover?<\/p>\n<p>Frankly, I find it hard to care much, even though this is my specialty. \u00a0The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear. \u00a0Still, I guess people want an answer: \u00a0If the question is when markets will recover, a first-pass answer is never.&#8221;<\/p><\/blockquote>\n<p>So what happened immediately after Krugman&#8217;s solemn prediction? \u00a0Well, markets <a href=\"http:\/\/www.wsj.com\/itp\/20161112\/us\/businessandfinance\" target=\"_blank\">reached another record high<\/a> on Friday.<\/p>\n<p>Perhaps Krugman simply recognizes the wreckage of Obama&#8217;s <a href=\"http:\/\/cfif.org\/v\/index.php\/commentary\/54-state-of-affairs\/3344-trump-seals-obamas-legacy\" target=\"_blank\">legacy<\/a>, and masochistically seeks to outdo him?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There may be no commentator more exposed and discredited in recent years than The New York Times&#8217;s Paul Krugman. Where to even begin? \u00a0My personal favorite might be his call for a massive spending &#8220;stimulus&#8221; when Obama entered office, which he estimated should be approximately $600 billion, to return economic health to the nation. \u00a0&#8220;When [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4700,4928,24,61,179,3227],"class_list":["post-24124","post","type-post","status-publish","format-standard","hentry","category-posts","tag-krugman","tag-markets","tag-obama","tag-spending","tag-stimulus","tag-trump"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/24124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=24124"}],"version-history":[{"count":3,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/24124\/revisions"}],"predecessor-version":[{"id":24126,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/24124\/revisions\/24126"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=24124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=24124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=24124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}