The World's Wrongest Man?

I am not sure that anyone besides Dr. Anthony Fauci has been wrong about more things, on a subject that they are lauded by the media to be an expert on, than economist Paul Krugman.

Krugman is a Nobel Prize winning, former Princeton economics professor and New York Times columnist that seems to get almost everything wrong.

Here is a famous Krugman prediction from election night 2016 when it became evident that Donald Trump was going to be elected President of the United States.

Krugman told us that economic armageddon was upon us.

Source: https://www.nytimes.com/interactive/projects/cp/opinion/election-night-2016/paul-krugman-the-economic-fallout

Krugman believed the stock market would never recover due to the fact that Trump had been elected.

He concluded his column by stating we were heading to a global recession, with no end in sight.

What followed?

One of the strongest bull markets in history that was only tamed by the Covid pandemic.

However, even with Covid, the S&P 500 ended up 88% higher from the night of Trump's election until he left office on January 20, 2021.

What about that global recession?

It never occurred either until Covid policies resulted in mass lockdowns around the world.

Even with Covid, world and United States GDP per capita was higher when Trump left office compared to when he was elected.

Could Krugman have been more wrong?

Krugman is also the guy who last Fall was telling everyone that we should not be concerned about inflation.

It was likely just a temporary blip.

Credit:https://www.sltrib.com/opinion/commentary/2021/11/13/paul-krugman-history-says/

How did Krugman know?

He said an important indicator was the bond market.

Oh, and for what it’s worth, the bond market is in effect predicting a temporary bump in inflation, not a permanent rise.

Since Krugman made that statement long-term treasury bonds are down over 30%.

 

The 10-year Treasury bond is headed to its worst year in history.

 

Just since January 1 the 10-year Treasury bond yield has gone from 1.5% to nearly 4.0%.

Earlier this month Krugman was claiming that Bidenomics has been good for American workers.

Source: https://www.foxnews.com/media/new-york-times-paul-krugman-insists-bidenomics-have-benefited-american-workers-with-huge-employment-boom

However, that "huge employment boom" really is just bringing the U.S. employment situation back to where it was right before Covid.

There were 152.5 million employed in the U.S. in March 2020. There are 152.7 million today.

Source:https://www.bls.gov/news.release/pdf/empsit.pdf

Real wages (Wages minus inflation) have also fallen almost every month since Biden was elected.

Source: https://twitter.com/RolandBakerIII/status/1547231872685449223/photo/1

Real average weekly earnings have declined by 3.4% over the last year.

I don't believe most workers would agree with Krugman that we are in "boom" times.

You would think the fact that  Krugman has been wrong about so much that he might scale back his ego and his statements.

You would be wrong.

Here is Krugman on September 24 telling us not only that he invented the academic field devoted to currency crises but there is also nothing to suggest that a currency crisis looms for the UK in the near term.

A day later.

Of course, anything that Krugman has gotten wrong lately does not compare to his prediction about the future of the internet in 1998.

Fact check by Snopes.com.

TRUE.

Who is the world's wrongest man?

Paul Krugman could certainly give Dr. Fauci a real run for the money.

However, Fauci still gets the nod because the things he was wrong about cost so many so much.

The only one's damaged by Krugman have been those foolish enough to believe anything he says.