TIP - Paul Krugman Schools Americans 'Righteously Angry' About Soaring Costs: Biden's Price Levels Mirror Reagan's Inflation Triumph | Benzinga
President Joe Biden’s poll prospects have been stymied by public perception of elevated inflation and a sluggish economy despite the numbers telling an altogether different story. Nobel laureate and economist Paul Krugman on Monday weighed in on this conundrum.
What Happened: Krugman shared on X a chart showing consumer prices under Biden and former Republican President Ronald Reagan. The chart showed Biden starting his presidential tenure with a lower inflation than Reagan and boasting a lower inflation rate until the end of the first year.
In the subsequent months, inflation under the Biden regime was slightly higher than Reagan’s at similar points in their respective presidencies. And after 36 months, the consumer prices were beginning to converge.
Krugman commented on the chart, “For those saying that Americans are righteously angry because the level of prices is up even though the rate of ...