Krugman’s latest column was no better than his tweet. After admitting there was a “good chance” the BEA numbers would indicate a second consecutive GDP contraction, he harrumphed how “there will be a lot of breathless commentary to the effect that we’re officially in a recession. But we won’t be.” He continued: “That’s not how recessions are defined; more important, it’s not how they should be defined.” This is also the same Krugman who falsely prophesied a “Coming Biden Boom” by using the same kind of random intuition he used to predict doom under Trump. To resurface the old adage, “‘Oh, what a tangled web we weave, when first we practice to deceive!’” [Emphasis added.] Krugman, like the White House, promoted the National Bureau of Economic Research as “the people who actually decide whether we’re in a recession.” Krugman propagandized that the NBER “won’t base their decision solely on whether we’ve had two successive quarters of falling real G.D.P.” But as The John Locke Foundation pointed out in a July 25 blog post, the NBER is, regularly, “incredibly slow” in defining whether the U.S. is in a recession. The NBER announced the 2008 recession about a full year after it had "started in January 2008," the John Locke Foundation blog noted. Was Krugman this technical when he waved his crystal ball around like a madman flailing that a Trump election would also cause an irrecoverable market downturn? That doomsday prophecy, like many of Krugman’s claims, didn’t pan out. Krugman’s latest spin attempt comes after an op-ed he published that acknowledged the foolishness of the hot inflation takes he has spewed over the past year. “I Was Wrong About Inflation,” read the headline. Less than a week after he published that column, it’s unclear why Krugman is arguing a totally contradictory point that he expects readers to take seriously. Read more at: NewsBusters.orgIgnore the two-quarter rule. We might have a recession, but we aren't in one now https://t.co/48qpo9uoQL
— Paul Krugman (@paulkrugman) July 27, 2022
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