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Paul Krugman

Paul Krugman

Nov 25
7 tweets

Revisiting an article from two years ago I get a lot of grief over, in which I predicted a V-shaped recovery from the pandemic slump. The funny thing is that on the economics I was ... right 1/…

Here's employment, which did in fact experience a V-shaped recovery that contrasted with sluggish recovery after the 2008 crisis 2/
Although inflation has created a lot of anger, it hasn't prevented a rise in real consumption, i.e., a higher average standard of living 3/
Still, inflation has surged. And people are miserable about the economy. Or are they? One measure says yes 4/
But another measure, from the Conference Board, tells a very different story: current conditions down a bit, but only to ~2017 levels 5/
I was wrong about the politics, because inflation created bad feelings. But maybe not as much as pundits expected. About 60% of voters who said the economy was "not so good" voted for Democrats 6/…
Eventually, our evaluation of the Biden economy will depend on how costly disinflation turns out to be. But if we have a relatively soft landing, the scorecard will have been quite positive 7/
Paul Krugman

Paul Krugman

Nobel laureate. Op-Ed columnist, @nytopinion. Author, “The Return of Depression Economics,” “The Great Unraveling,” "Arguing With Zombies," + more.
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