If you zero in on these omissions, the posture of these Democratic economists can appear unseemly: Where do these rich liberals find the nerve to tell working-class Americans that they should stop worrying about rising food prices and start loving the Biden economy?
This X post from the author Carol Roth is a crude, but not atypical, example: “Paul Krugman doesn’t know any regular Americans, and so he and the rest of the corporate press mock and gaslight you while you struggle with your rent or mortgage, food and other living costs.
The signature strengths and weaknesses of the Biden economy — its low unemployment and elevated prices — are byproducts of one fundamental policy decision: Faced with the Covid recession, the US government chose to prioritize poverty reduction and full employment over minimizing the risk of inflation.
I know from personal experience that adding the wrong hyperlink to a piece is an easy mistake to make — yet Powell’s column does not cite or link to any other example of liberal economists measuring real wages using core inflation.)
A new analysis of survey data by the Harvard economist Stefanie Stantcheva lends credence to an old hypothesis: People tend to attribute wage gains to their own efforts or their employers’ largesse — rather than to market dynamics — even as they blame price increases on government mismanagement.
If voters will punish elected officials for presiding over inflation but won’t necessarily give them credit for engineering real wage gains, then Congress will have an incentive to err on the side of understimulating the economy during the next recession.
The original article contains 2,747 words, the summary contains 267 words. Saved 90%. I’m a bot and I’m open source!
This is the best summary I could come up with:
If you zero in on these omissions, the posture of these Democratic economists can appear unseemly: Where do these rich liberals find the nerve to tell working-class Americans that they should stop worrying about rising food prices and start loving the Biden economy?
This X post from the author Carol Roth is a crude, but not atypical, example: “Paul Krugman doesn’t know any regular Americans, and so he and the rest of the corporate press mock and gaslight you while you struggle with your rent or mortgage, food and other living costs.
The signature strengths and weaknesses of the Biden economy — its low unemployment and elevated prices — are byproducts of one fundamental policy decision: Faced with the Covid recession, the US government chose to prioritize poverty reduction and full employment over minimizing the risk of inflation.
I know from personal experience that adding the wrong hyperlink to a piece is an easy mistake to make — yet Powell’s column does not cite or link to any other example of liberal economists measuring real wages using core inflation.)
A new analysis of survey data by the Harvard economist Stefanie Stantcheva lends credence to an old hypothesis: People tend to attribute wage gains to their own efforts or their employers’ largesse — rather than to market dynamics — even as they blame price increases on government mismanagement.
If voters will punish elected officials for presiding over inflation but won’t necessarily give them credit for engineering real wage gains, then Congress will have an incentive to err on the side of understimulating the economy during the next recession.
The original article contains 2,747 words, the summary contains 267 words. Saved 90%. I’m a bot and I’m open source!