Oh, and the "government spending creates inflation" trope kind of missed its moment, with the 2021-22 inflation surge looking, um, transitory 5/ pic.twitter.com/UjN3E7C5rS
— Paul Krugman (@paulkrugman) January 22, 2023
We'll get more data in the weeks ahead, but at this point the burden of proof lies on anyone claiming that we had more than a, well, transitory inflation spike that's mostly behind us 6/
— Paul Krugman (@paulkrugman) January 21, 2023
Fwiw, core PPI telling the same story as almost every other indicator: inflation rolled over in the 2nd half of 2022 pic.twitter.com/e8UMY3zViG
— Paul Krugman (@paulkrugman) January 18, 2023
One thing I've been noticing in my correspondence is how many people think inflation is still running wild; the big deceleration in the 2nd half of 2022 hasn't broken through to public consciousness 1/
— Paul Krugman (@paulkrugman) January 21, 2023
My god, man, have you been to a supermarket lately?
— Mike Guy (@MrMikeGuy) January 21, 2023
Adding back in the food, energy, and housing that 330 million Americans pay daily, and the CPI looks a lot more serious. Far from “back to normal” as you are saying. pic.twitter.com/D2vlvcxpn2
— Luni Libes (@lunarmobiscuit) January 22, 2023
“Less food, shelter and energy”
Hey Paul, gas prices are up 30% off the December lows.
People can’t eat fucking used cars. Food continues to become more expensive.
REAL shelter prices are up with home insurance, home maintenance, and mortgage rates UP
Delete your account
— Anadarko (@AnadarkoCapital) January 22, 2023
“Lenin was certainly right. There is no subtler, no surer
means of overturning the existing basis of society than to
debauch the currency. The process engages all the hidden
forces of economic law on the side of destruction, and
does it in a manner which not one man in a million is able
to diagnose.”
~John Maynard Keynes, 1919
“There is no means of avoiding the final collapse of a boom
brought about by credit expansion. The alternative is only
whether the crisis should come sooner as the result of
voluntary abandonment of further credit expansion, or later
as a final and total catastrophe of the currency system
involved.”
~Ludwig von Mises, 1929
“We can ignore reality, but we cannot ignore the consequences
of ignoring reality.”
~Ayn Rand
Gas Gas Gas Inflation Meme
h/t dr0id