Krugman Says He Was ‘Wrong About Inflation,’ Summers Talks Recession, Biden Criticized Over ‘Half-Truths and Fibs’ – Economics Bitcoin News

In mid-June red hot inflation reared its ugly head in America once again, as the latest U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI) report indicated that inflation in June rose at the fastest pace in over 40 years. U.S. president Joe Biden has been in office for 18 months now, and media reports are beginning to note his administration was wrong about inflation and his administration has made “dubious claims about inflation’s peak.” Meanwhile, the Biden administration and a few reports suggest there are “signs inflation may have peaked” in the U.S., as prices of commodities and oil have dropped in recent times.

Paul Krugman Says ‘I Was Wrong About Inflation,’ Larry Summers Claims ‘Odds Are Probably Better Than Half That a Recession Will Start Next Year’

On July 13, Bitcoin.com News reported on the June CPI report that noted inflation metrics that month reflected a 9.1% year-over-year increase. The increase in inflation in America recorded in June 2022 rose at the fastest pace since November 1981. The White House at the time noted that the CPI report was already out of date the day the Bureau of Labor published the data.

Following the latest CPI data, reports noted that West Virginia’s senator Joe Manchin snubbed Biden’s climate bill over inflationary concerns. While the sitting president has been criticized heavily for the inflation, on July 15, senior White House correspondent Alexander Nazaryan stressed in an editorial that inflation has become “Biden’s political nightmare.”

Inflation has jumped so high that the American economist and Nobel winner, Paul Krugman, wrote an article for the New York Times noting that he was “wrong about inflation.” Krugman specifically talked about the American Rescue Plan and he mentioned that some economists warned it would lead to rising inflation. Krugman said that he like many other Keynesian economists were more “relaxed” about the stimulus package.

“As it turned out, of course, that was a very bad call,” Krugman wrote on July 21.

Krugman also quickly mentioned Larry Summers, a former economic adviser to ex-president Barack Obama. Summers spoke about a recession recently at the Aspen Security Forum. Summers