December 16, 2017

Paul Krugman's laughable election night economic forecast

NYT economist and blind political partisan Paul Krugman on election night 2016 predicted that the end was nigh for the world economy as a result of Trump's election. So wrong, so wrong.

Krugman's op ed that night included this gem;
It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?

...If the question is when markets will recover, a first-pass answer is never...

Now comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks.

So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.
Even though I despised president Obama's disastrous economic policy positions, I knew America would survive them for four years, and then begrudgingly eight years. Krugman is so enlightened, he's beyond rational thought.

And today? The DOW is at record highs in response to the tax bill supported by the president. That's not the be-all-end-all of economic success, but it is certainly an important indicator of how the economy is performing.
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