Krugman's Bag of Tricks

[@billmelater6470]

"Be happy and pay no attention to how bad things are going. Read more articles and spend less time in your finances" - Krugman

[@guillemodred3938]

Krugman has made a living off being a troll.

[@calebsmith4602]

Bob, Would you consider having Presidential candidates on the podcast? Would be great to evaluate their understanding of economics.

[@dimitristsagdis7340]

I've seen some stats that US consumers are spending more on experiences (e.g. travel, meals, spa) these days than durables and the explanation was down to COVID that suppressed spending on experiences and now they are catching up.

[@dameanvil]

00:51 📉 Krugman's article on consumer sentiment overlooks the complex factors influencing economic perceptions. 02:52 🤔 Krugman attributes consumer pessimism to Republican bias against Biden, but data suggests otherwise. 05:38 🔄 Progressive economists are framing inflation as beneficial for the less privileged, an uncommon stance. 06:47 📈 Krugman's views on the economy seem driven by partisan inclinations rather than objective analysis. 08:14 🤷‍♂ Discrepancies between economic perceptions and reality are not explained by assumptions about others' financial situations. 09:25 🏠 Consumer sentiment surveys are specific to respondents' own households, challenging assumptions about collective economic perceptions. 14:51 📉 Krugman's track record on predicting inflation and economic outcomes has been inconsistent and prone to reversals. 18:31 🔄 Krugman's argumentation on inflation and economic policy showcases contradictory positions over time, revealing the complexity of economic consensus. 22:50 📉 Economists struggle to agree due to the complexity of market outcomes influenced by various policies and their effects over time. 24:43 📈 Disagreements among economists on the rise in inequality highlight the challenge of consensus, even on standard observations or measurements. 27:57 🛒 Declining quality of goods, service delays, and rising prices contribute to consumer pessimism about the economy, beyond pure partisanship. 29:33 💸 Consumers' pessimism about the economy is rational, given concerns about increasing government borrowing, interest expenses, and debt projections. 32:23 🔄 Paul Krugman's rhetoric allows him to claim he was right, regardless of the outcome, maintaining a stance that fits any scenario. 35:11 🎩 Krugman's maneuvering in debates resembles a magician's trick, having multiple justifications or arguments ready to claim being correct. 39:11 🔄 The shifting of positions and rhetoric between political sides reinforces tribalism, influencing how arguments and perspectives are framed. 41:58 📉 Economists overlooking broader indicators like quality of goods and banking issues miss crucial aspects influencing consumer sentiment.

[@ILikeMilk-es5ii]

Thank you

[@dimitristsagdis7340]

Grugman puts full employment as priority no 1 for an economy, since his 'end this depreciation now' book at the time of the Great recession and the austerity some governments wanted or tried to pursue. So other factors like inflation or debt matter less in his books.

[@minionsystems]

The real victims of inflation are the retirees. Their savings won't go as far and most pensions do not have inflation adjustments. Also, the inflation should account for increases in productivity because it would normally cause a small amount of deflation. The 3% target is really 3% plus the deflation that would have happened because of increased supply. Finally, capital gains taxes the inflation that happens since the purchase of assets. Inflation only helps those who get the new money before the associated inflation hits - i.e. wealthy people in the financial industries. Cutting taxes and stopping government spending will cause lower prices due to the increased efficiency of industry v.s government..

[@willnitschke]

Inflation hurts those who spend most of their income. So it's not just retirees.

[@minionsystems]

@@willnitschke At least non-retirees have a chance to get a raise - retiree's don't. Not only that, anything they sell is subject to capital gains tax on inflation. If they sell their assets, a lot of their sale price includes inflation which demands more gains tax. Most pensions do not have inflation adjustments.

[@willnitschke]

@@minionsystems True, but retirees hopefully have assets that offer them some protection. Low income earners may not.

[@minionsystems]

@@willnitschke The people who took advantage of retirement savings IRAs and 401Ks may have other options but they paid for them their whole lives. Most retirees have not been able to save much and now they are all being robbed by inflation. The inflation was caused by government spending and in many cases it was used for wealth redistribution from the savers to low income earners in the form of welfare, food stamps, medicaid, unemployment insurance, and little to no federal income tax. Some goes to the truly helpless but much goes to grifters who just don't want to work or to illegal aliens. Inflation also raises wages of low income workers either by the job market or by minimum wage requirements and that somewhat balances the inflation for them but savers and retirees do not have that option.

[@willnitschke]

@@minionsystems I think all intelligent people already understand the dangers of inflation. You can mostly protect savings because central banks raise interest rates to compensate for the inflation. Some retirees will have pensions that are indexed to inflation, but you are right, many, especially the self funded, do not. However, this group has also suffered a lot from ZIRP, not just inflation.

[@keithgallardo1093]

How is Dr Murphy going to talk about Krugman without Dr Woods!?!? 😭

[@coveredinthorns7185]

Krugman is constantly lauded for being intelligent and convincing but I don't buy it. He will say stuff that is economically sound then take logical leaps to fit his agenda. For instance in one video he talked how great and effective the free market was then without evidence goes, we do know the the market isn't good at providing some stuff like healthcare.

[@willnitschke]

Well if the free market is not good at providing healthcare, the US government is infinitely worse.

[@coldflu]

We are not in a race with one another to produce the most money (debt). We are in a race to produce abundance of energy and things. -Bitcoin

[@snex000]

I remember 2 Copperfield tricks like the one you mentioned, and they both used similar principles. One was on a grid and the other was on a circle. For the grid one, Copperfield had the viewers all move x spaces left and y spaces up, so no matter where you started, by the end of the trick, you all ended on the same object. The circular one used modular math to ensure everyone ended on the same object.

[@snex000]

@@Allyh1015 Of course you will be, psycho. That's exactly the kind of behavior I'd expect from a psycho. You'll be banned pretty quickly, and then what will you do?

[@snex000]

@@Allyh1015 Ahahahah I've got this fucking psycho awake all night just yapping at nobody. Fucking hilarious.

[@snex000]

@@Allyh1015 Still yapping psycho? ROFL

[@snex000]

@@Allyh1015 You are a maniac that can't be reasoned with. So why waste my time?

[@snex000]

@@Allyh1015 Yap yap yap. Like a chihuahua.