PAUL KRUGMAN EATS CROW: ‘Warnings About Inflation Have Proved Right.’

A tectonic shift in the world of economics has taken place: New York Times economist Paul Krugman finally admitted that his detractors on inflation were right all along.

The leftist economist surprisingly conceded in a new op-ed that others have warned “that we may face something comparable to the stagflation of the 1970s. And credit where credit is due.” Then came the sticker shock: “So far, warnings about inflation have proved right, while Team Transitory’s predictions that inflation would quickly fade have been wrong.” Talk about eating crow. Krugman recently conceded Nov. 14 that he “got inflation wrong” even though he tried to hedge by claiming he thought blindly believing the false “transitory” inflation narrative was “still the best bet.” His latest concession puts him even further at odds with his Nov. 11 column: “History Says Don’t Panic About Inflation.” National Review senior political correspondent Jim Geraghty documented at least six times throughout 2021 where Krugman has tried to downplay or dismiss the threat of spiking inflation.

Flashback to Krugman in May: The Economy Is Spinning Its Wheels, and About to Take Off.

And the obligatory flashback to Krugman On Election Night 2016: “If the question is when markets will recover, a first-pass answer is never.”