In Paul Krugman’s recent column for The New York Times on Bidenomics, he refers to President Joe Biden’s economy as a “success.” This condescending perspective ignores the harsh economic reality faced by everyday Americans, while making bold suggestions for a President who appears out of touch.
Krugman’s advice to ‘double-down’ on economic messaging rings hollow, considering the average American isn’t feeling this supposed success. He portrays their concerns as insignificant, circulating the idea that the criticisms leveled against the economy aren’t genuinely experienced by most people. Spoken easily by a media magnate with a net worth of $5 million, these sentiments are dangerously dismissive.
While Krugman admits that for the President to instruct voters to appreciate their circumstances would be wrong, he doesn’t have an issue advocating that position himself. His refusal to recognize his own hypocrisy is staggering. Accusing Americans of hating the economy only because they “hate Biden” exposes Krugman’s lack of nuanced understanding or willingness to address the real issues.
Krugman’s denial extends towards his peers in the media pushing for a more realistic analysis of a shaky economy. He attacks The Washington Post and Financial Times for suggesting that Biden is pushing away voters with his economic triumphalism. According to Krugman, the economy isn’t just fine, it’s “remarkable,” with growth that puts other wealthy nations in the shade. Essential details are missed in this glowing picture though, like how much of this monetary “growth” is artificially inflated by governmental debt, an observation made by Heritage Foundation economist EJ Antoni.
Despite Krugman’s glossing over of the facts, Americans endure the reality of soaring prices daily. Inflation has risen to 5.5% monthly under Biden’s presidency compared to an average of 1.9% under Trump. But Krugman blithely refers to this as a possible “statistical blip.”
Gas prices, too, seem to be off Krugman’s radar, rising from $2.42 when Trump left office to $3.73, a significant increase. He also fails to account for the reported decline in real wages and the impact of rising mortgage rates and home insurance costs, making home ownership increasingly challenging for Americans.
Krugman’s economic analysis resembles wishful thinking more than reality-based speculation. Viewed from a conservative lens, the economy’s current state appears significantly less rosy. The New York Times and its readers would be better served distancing itself from Krugman’s unrealistic views and acknowledge the palpable struggles everyday Americans face. The real economy doesn’t have the luxury of ignoring hard truths.
