“Is there any good reason to believe prices going up hurts people who make less money?” - Nobel Prize-winning economist Paul Krugman

[basquebromance]

why would you believe anything this guy says

 

[Jimmy_Chitwood]

Let's Go Krugman!!!

 

[two_iron]

Nobel prize? BWAHAHAHAHA!!!

That marxist merit badge is the kiss of death. Yeah, this rotting bag of communist shit sounds legit.....

 

[Oddball]

 

[bendog]

This is not rocket science, and actually is entry level economics. Although if you're under 40, it may be new territory.

Who Does Inflation Hurt Most?

Who does inflation hurt and who does it help?

inflationdata.com

But that doesn't mean inflation at over 5% is a good thing. It could mean, though, that inflation at even 6-8% for just a couple of years is not ALL bad. People on fixed incomes and making just enough to get by, and not having the ability to make more per household, would be fucked over.

It might seem cruel and unfair to those who lost secure retirements in the housing collapse, and who might have had mortgages at 3%

 

[lg325]

Being one of those low_ income people I will say yes it does. And to the Nobel Prize economist, I say DUH!

 

[pknopp]

Krugman is not an economist. He is a partisan hack.

 

[Oddball]

Krugman is not an economist. He is a partisan hack.

 

[Burgermeister]

He has always been an idiot.

One of the most ironic quotes ever - "But academic credentials are neither a necessary nor a sufficient condition for having your ideas taken seriously. If a famous professor repeatedly says stupid things, then tries to claim he never said them, there’s no rule against calling him a mendacious idiot — and no special qualifications required to make that pronouncement other than doing your own homework." - Paul Krugman, from - https://krugman.blogs.nytimes.com/2013/10/14/do-you-know-who-i-am/

 

[struth]

This is the dems key economist…and you all wonder why the economy has been screwed up anytime these ass. clowns get the wheel

 

[struth]

i’ll give paul some credit, he was the only person to admit that obamacare was all about death panels

 

[bendog]

He's right about inflation. It's not even a question.

But note that he didn't say every person with lesser means would be better off. But GENERALLY speaking if one guy owes $100 and another guy loans $100 dollars, and there's 5% inflation in one year, then at the end of that year, the debtor is paying interest on $100 dollars but what he got is worth $105, and the creditor is getting interest on $100, but if he'd not made the loan, he'd have $105.

 

[basquebromance]

 

[Natural Citizen]

This is not rocket science, and actually is entry level economics. Although if you're under 40, it may be new territory.

Who Does Inflation Hurt Most?

Who does inflation hurt and who does it help?

inflationdata.com

But that doesn't mean inflation at over 5% is a good thing. It could mean, though, that inflation at even 6-8% for just a couple of years is not ALL bad. People on fixed incomes and making just enough to get by, and not having the ability to make more per household, would be fucked over.

It might seem cruel and unfair to those who lost secure retirements in the housing collapse, and who might have had mortgages at 3%

Lost me at "The reason for this is that debtors borrow valuable money..."

Heh heh. Valuable money...

The people inflating all of the currency don't even know what money actually is. And they certainly don't have a definable unit of account, so any sound economic calculation is out of the question in terms of defining actual value. It's why the mess with the CPI the way they do.

Socialists can't calculate either. It's why it always fails.

Not much difference between Keynesians and socialists. Not much at all.

 

[iamwhatiseem]

why would you believe anything this guy says

Krugman has always been a source of comedy. He is never right about anything.

 

[bendog]

He's right about inflation. It's not even a question.

But note that he didn't say every person with lesser means would be better off. But GENERALLY speaking if one guy owes $100 and another guy loans $100 dollars, and there's 5% inflation in one year, then at the end of that year, the debtor is paying interest on $100 dollars but what he got is worth $105, and the creditor is getting interest on $100, but if he'd not made the loan, he'd have $105.

I'm sorry math is hard, iamnotwhatheseems

 

[basquebromance]

 

[initforme]

Lower wage jobs are non essential. It is that easy.

 

[marvin martian]

why would you believe anything this guy says

This is the dipshit who told people to sell everything when Trump was elected because the stock market was going to crash.

Anyone who listens to him deserves whatever happens to them.

 

[g5000]

He's right about inflation. It's not even a question.

But note that he didn't say every person with lesser means would be better off. But GENERALLY speaking if one guy owes $100 and another guy loans $100 dollars, and there's 5% inflation in one year, then at the end of that year, the debtor is paying interest on $100 dollars but what he got is worth $105, and the creditor is getting interest on $100, but if he'd not made the loan, he'd have $105.

Yep. Debtors make out like bandits during high inflation.

That's why the federal government likes high inflation. It makes it easier to pay off the debt.

I even pointed this out in a topic about the Fed's doomsday bond bubble topic I created years ago.

But for people living paycheck to paycheck and who are renters, inflation is a deep ass fuck.