- The Nobel prizing-winning Krugman, who just two months ago smeared Reopen protesters by claiming the ‘stay at home’ marches were nothing more than dangerous Potemkin village schemes “staged by right-wing billionaires”, took to the Twitter machine on Sunday to declare the country’s alleged national pandemic response “disastrous, in one picture.”.
- Nobel Prize-winning economist Paul Krugman reckons post-9/11 America was a simpler time, when George W. Bush did his best to “calm prejudice” and nothing too bad happened to American Muslims. He was swiftly torn apart on Twitter.
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Friday morning's stunning job report is already being celebrated by the White House as unemployment unexpectedly fell to 13.3 percent in May. But even as forecasters have scrambled to understand how their predictions were so far off, Nobel Prize-winning economist Paul Krugman stressed on Twitter that 'whatever happened, these numbers should make you more, not less, pessimistic about the economic outlook.'
Huh? As Krugman goes on to explain, the seemingly encouraging job report could actually 'reinforce the White House inclination to do nothing and let emergency aid expire.' Drawing app for macbook air.
2 days ago — Paul Krugman (@paulkrugman) April 22, 2021 In reality, the violent demonstrations caused up to $2 billion in property damage and resulted in 18 deaths, according to Fox News. Paul Krugman, a New York Times opinion columnist, writes about macroeconomics, trade, health care, social policy and politics. In 2008, he received the Nobel Prize in Economics.
That's alarming to Krugman and other analysts because what May's job numbers do seem to prove is that the Payroll Protection Program, which encouraged small businesses to keep workers on payroll during the pandemic, was instrumental in helping bring back workers in May. 'U.S. unemployment [is] at 13 percent [with] trillions in government aids,' wrote The Washington Post's Jeffrey Stein. 'What happens when huge infusion runs dry in July?'
But as of Thursday night, the Post was reporting that President Trump's recovery plan 'largely amounts to optimism that as pandemic restrictions are loosened, the nation's economy will turn the lights back on by itself.' As the Post goes on to explain, Trump is hesitant to offer states further aid, and opposes extending the soon-to-expire $600 unemployment bonus for laid-off workers.
David Frum Twi
White House economic adviser Stephen Moore seemed to confirm Krugman's fears. 'There's no reason to have a major spending bill,' he said in response to Friday's job numbers. 'The sense of urgent crisis is very greatly dissipated by the report.'
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Not everyone shares the opinion that the job report lets the federal government off the hook. 'The jobless rate, even if it declines, I believe is going to stay extremely high through the end of the year,' former Federal Reserve chair Janet Yellen told the Post. 'It's absolutely essential to have another package that will extend unemployment benefits beyond the summer. That's going to be tremendously needed.'