Mainly because it has transformed into entertainment politics and disinformation platforms that shape viewers / readers reality vs simply reporting the true news.
Not sure how you unwind this.
The Fourth Estate has failed us
- Thread starter noleclone2
- Start date
Mainly because it has transformed into entertainment politics and disinformation platforms that shape viewers / readers reality vs simply reporting the true news.
Not sure how you unwind this.
The internet was the tool which should have made the entire world population smarter and it has the opposite effect
We are not in a recession by any definition. The vast majority of people are economically illiterate. People do understand the personal effects of consumer inflation, and equate that with a recession.
It's not about the media as much as it's about politicians causing the problem, then gaslightling the American people. The media is complicit by not calling out the lies when they happen.
It's not about the media as much as it's about politicians causing the problem, then gaslightling the American people. The media is complicit by not calling out the lies when they happen.
My 401K and Roth IRA are at an all time high.
Meh, people don't care, or know, about the technical definition of recession...they just know that their dollars don't buy as much at the grocery store, etc.
Please explain what it looks like and how it feels and how that relates to a recession.
Yes, just like a smooth brain, you blame a “side”
While we're not in a recession, one of the things people sorta feel and notice is $4/gallon gas. They especially notice it around the traditional summer holidays.
I agree with this but the media is a major part too and complicit. It’s like they both are in a feedback loop that expands since for both the politicians and the media entity, it is now simply entertainment politics. Clicks and views are good for both of them. Facts and real talk bad are bad. Boring and require thinking.
That’s because they are now billionaire owned, along with our government
Agree. Only problem is it spreads at the speed of light due to social media and tv.
Cash has to flow somewhere. It's no coincidence the equity markets started going up when the CPI started going down. Your 401K and IRA, and mine, aren't doing quite as well when adjusted for consumer inflation effects.
The Fourth Estate has failed to convince people a ‘good economy’ means declining purchasing power for them.
Agreed.
The latest GDP number, and projected GDP for 2024, aren't good. Inflation will persist at around 3.5% until GDP catches up. The unemployment number is a joke, and layoffs are happening. Politicians lie, and get away with it.
Yeah, even Waller (a friend) only went so far as to say rates won't likely increased.
Paul Krugman's Magical Thinking
The standard-bearer for the "Voters are too dumb to understand the economy" movement takes an ironic stand against "magical thinking"
Last week, in “It’s Not Me, It’s You,’” I wrote about a booming new op-ed genre, the editorial that bashes hick voters for their incorrect “Perception of the Economy.” Pundits attack voters’ “stubbornly low” assessments, producing poll numbers that leave experts “baffled” and wondering when people will catch up to “reality.”
In a bit of Racket malpractice, the article didn’t mention Paul Krugman of the New York Times, who’s written a collection of those articles and become the unofficial tribune of the “Perception of the Economy” movement. As scientists in classical times believed the sun revolved around the earth, Krugman believes all things revolve around Donald Trump, the subject of this recent piece of wizardry:
Krugman’s “quack economics” fears are prompted by a Wall Street Journal report claiming Trump advisers are “quietly drafting proposals that would attempt to erode the Federal Reserve’s independence” if Trump wins in November. As the Times “Dealbook” page surmised, “The overall goal is to give Trump what he wants: more say on interest rates,” with those unnamed sources claiming Trump aides discussed requiring Fed officials to consult with the president before raising or lowering rates.
Krugman spins a series of elaborate nightmare hypotheticals on the basis of this one piece of information, concluding:
Paul Krugman, worried about a magical thinking response to a “surge in inflation.” Why would that be funny? Let’s review:
Six months ago, Krugman made an announcement on Twitter. “The war on inflation is over,” he declared. “We won, at very little cost.” The pronouncement stood like the Colossus of Rhodes over a heroic graph:
This was the economic equivalent of George Bush’s “Mission Accomplished” stunt. Krugman graphed the Consumer Price Index excluding “shelter, food, and used cars.” The CPI, which ostensibly tracks changes in the price of consumer goods, is already a quasi-bogus number whose quirky methodology allows government to make prices seem lower. That wasn’t enough for Krugman, who simply removed three of the biggest household spending variables to take the real CPI of 3.7% and jam it below 2%, creating his own bespoke inflation monitor.
I'm pretty well insulated from inflation because I've always lived the Dave Ramsey way, well below my means. The only debt I carry is a mortgage.
Krugman was instantly mocked, even by other mainstream outlets. “Nobel Economist Paul Krugman Mocked For Saying Inflation is Over if You Exclude Most of What People Buy,” was the take in Business Insider. “Inflation is not a problem if you don’t buy anything,” added TalkMarkets. The funniest response showed Krugman had zoomed past The Onion and become a Babylon Bee headline:
Krugman backpedaled slightly, but couldn’t help himself and went back month after month to argue the numbers were better than they seemed. In January, he posted the “NY Fed measure of underlying inflation” to confirm “the war is over, and we won.” In February, for instance, he posted a chart reminding us that “if it weren’t for owners’ equivalent rent, a price nobody pays, nobody would be talking about inflation.”
All this came a year after he had to write a column called “I Was Wrong About Inflation,” admitting to being on “Team Relaxed” when it came to the potential downside impact of a massive monetary rescue plan. One of the reasons for his miscalculation? “A big piece of the plan was one-time checks to taxpayers, which we argued would be largely saved rather than spent.”
Krugman calculates consumer prices without housing or food and assumes people in the middle of an economic crisis won’t spend six hundred bucks, but thinks other people are guilty of magical thinking on inflation?
Putting a bow on all this, in the “magical thinking” piece Krugman indulged in a catastrophic fantasy about Trump potentially devaluing the dollar to stimulate exports, an idea he ripped as “clearly inflationary — raising import prices and overheating a U.S. economy that is already running hot.” One can only assume he means hot in the Goldilocks sense, i.e. not too much inflation, and not too little, but just hot enough.
One last note. Krugman rails against Trump’s reported plans to expand tariffs. This is interesting because when Joe Biden told the World Trade Organization to shove it a year and a half ago after the WTO declared Trump’s last tariff regime (which Biden was continuing) illegitimate, Krugman declared, “It’s up to America to determine whether its trade actions are necessary for national security,” and “an international organization has no right to second-guess that judgment.” This came in an article showing Biden speaking sternly into a microphone with a big ‘Murican flag in the background, titled, “Why America is Getting Tough on Trade.”
I’m not endorsing any of Trump’s economic ideas, but the issue here is the naked partisanship of Krugman’s act. When Trump was in office, he was writing articles like “Why is Trump a Tariff man?” and declaring that his tariffs were about “rewarding his friends,” “power,” and “cronyism,” rather than any kind of populist policy (because Trump voters are “driven more by animosity toward immigrants and the sense that snooty liberals look down on them than by trade policy”). When Biden’s in office, extending the exact same tariffs, Krugman waves the flag and hums Lee Greenwood for his “tough America” columns. Now we’re back to worrying about Trump’s “magical thinking” and “petty strongman” tendencies.
This is worth pointing out only because partisan pettiness has become the default explanation for those “perception of the economy” pieces I wrote about last week. Krugman has hit this theme countless times, most recently in early April:
Quoting the Wall Street Journal in saying, “When it comes to the economy, the vibes are at war with the facts,” Krugman adds:
"The elephant in the room — and it is mainly an elephant, although there’s a bit of donkey too — is partisanship. These days, Americans’ views of the economy tend to be determined by political affiliation rather than the other way around… Republican politicians and media are united in trashing the Biden economy… Democrats, on the other hand, are divided, with some progressives talking down the economy because they fear that acknowledging the good news might undermine the case for strengthening that weak social safety net."
Got that? Ordinary people don’t have honest opinions about the economy, just partisan reactions, and when progressives say negative things, it’s only because they’re lying for a good cause, i.e. stumping for a wider safety net. Everybody is dishonest except the experts like Krugman, who have facts where the volk only have vibes, and wrong ones at that.
What’s so irritating about the “partisan divide in economic perceptions” becoming the reigning explanation for negative public attitudes about the economy is that they’re such obvious projection. With Trump on the ballot this November, no mainstream pundit will dare speak ill of Joe Biden’s economy, whether it deserves it or not, which is both confusing and galling to audiences, and almost certainly adds to the hesitancy reflected in the polls. How can anyone feel good about things if they sense the “experts” wouldn’t tell them even if they saw a crash coming?
It’s one thing to be called stupid and partisan, but having Paul Krugman do it is almost a compliment. Almost.
Krugman backpedaled slightly, but couldn’t help himself and went back month after month to argue the numbers were better than they seemed. In January, he posted the “NY Fed measure of underlying inflation” to confirm “the war is over, and we won.” In February, for instance, he posted a chart reminding us that “if it weren’t for owners’ equivalent rent, a price nobody pays, nobody would be talking about inflation.”
All this came a year after he had to write a column called “I Was Wrong About Inflation,” admitting to being on “Team Relaxed” when it came to the potential downside impact of a massive monetary rescue plan. One of the reasons for his miscalculation? “A big piece of the plan was one-time checks to taxpayers, which we argued would be largely saved rather than spent.”
Krugman calculates consumer prices without housing or food and assumes people in the middle of an economic crisis won’t spend six hundred bucks, but thinks other people are guilty of magical thinking on inflation?
Putting a bow on all this, in the “magical thinking” piece Krugman indulged in a catastrophic fantasy about Trump potentially devaluing the dollar to stimulate exports, an idea he ripped as “clearly inflationary — raising import prices and overheating a U.S. economy that is already running hot.” One can only assume he means hot in the Goldilocks sense, i.e. not too much inflation, and not too little, but just hot enough.
One last note. Krugman rails against Trump’s reported plans to expand tariffs. This is interesting because when Joe Biden told the World Trade Organization to shove it a year and a half ago after the WTO declared Trump’s last tariff regime (which Biden was continuing) illegitimate, Krugman declared, “It’s up to America to determine whether its trade actions are necessary for national security,” and “an international organization has no right to second-guess that judgment.” This came in an article showing Biden speaking sternly into a microphone with a big ‘Murican flag in the background, titled, “Why America is Getting Tough on Trade.”
I’m not endorsing any of Trump’s economic ideas, but the issue here is the naked partisanship of Krugman’s act. When Trump was in office, he was writing articles like “Why is Trump a Tariff man?” and declaring that his tariffs were about “rewarding his friends,” “power,” and “cronyism,” rather than any kind of populist policy (because Trump voters are “driven more by animosity toward immigrants and the sense that snooty liberals look down on them than by trade policy”). When Biden’s in office, extending the exact same tariffs, Krugman waves the flag and hums Lee Greenwood for his “tough America” columns. Now we’re back to worrying about Trump’s “magical thinking” and “petty strongman” tendencies.
This is worth pointing out only because partisan pettiness has become the default explanation for those “perception of the economy” pieces I wrote about last week. Krugman has hit this theme countless times, most recently in early April:
Quoting the Wall Street Journal in saying, “When it comes to the economy, the vibes are at war with the facts,” Krugman adds:
"The elephant in the room — and it is mainly an elephant, although there’s a bit of donkey too — is partisanship. These days, Americans’ views of the economy tend to be determined by political affiliation rather than the other way around… Republican politicians and media are united in trashing the Biden economy… Democrats, on the other hand, are divided, with some progressives talking down the economy because they fear that acknowledging the good news might undermine the case for strengthening that weak social safety net."
Got that? Ordinary people don’t have honest opinions about the economy, just partisan reactions, and when progressives say negative things, it’s only because they’re lying for a good cause, i.e. stumping for a wider safety net. Everybody is dishonest except the experts like Krugman, who have facts where the volk only have vibes, and wrong ones at that.
What’s so irritating about the “partisan divide in economic perceptions” becoming the reigning explanation for negative public attitudes about the economy is that they’re such obvious projection. With Trump on the ballot this November, no mainstream pundit will dare speak ill of Joe Biden’s economy, whether it deserves it or not, which is both confusing and galling to audiences, and almost certainly adds to the hesitancy reflected in the polls. How can anyone feel good about things if they sense the “experts” wouldn’t tell them even if they saw a crash coming?
It’s one thing to be called stupid and partisan, but having Paul Krugman do it is almost a compliment. Almost.
I think it's housing costs, interest rates, inflation.
Anybody getting a loan right now is like WTF?
We were spoiled by incredibly low interest rates prior to the rate hikes of the last couple years.
My wife wants to move (our area's population is exploding)
Me holding on to my 2.75% APR:
I, too, live well below my means, and have no debt. You and I still have to eat, though. We still have to pay for insurance on cars and homes, no matter how modest they might be. Inflation affects everyone.
I have the same apr%My wife wants to move (our area's population is exploding)
Me holding on to my 2.75% APR:
That's true. I'm insulated, but not immune. The way I live, these increased prices for homeowners insurance, food, gas, etc. just means I invest less and maybe skip one vacation this year. It sucks, but it's not really impacting me financially.
And make no mistake I DO NOT LIKE IT. It's my money and I hate seeing it get syphoned. That $865 insurance increase earlier this week pissed me off.
Not just spoiled, it pulled forward in time consumption.
More money spent on paying for the consumption of yesterday means less money available to pay for consumption today, unless you borrow more...
He lacks a very basic yet invaluable tool known as “self-reflection” it’s astonishing
Cra
Crazy, right? The propaganda wing of the government, whose motto is ‘Who Ya Gonna Believe, Us Or Your Own Lying Eyes?’ is starting to feel unappreciated and they don’t know how to handle it.
just sold my house, and bought the new one with cash. you don't need to tell me about that. and everything in the grocery store is five bucks.
i don't really blame the media...good reporting still exists
i mostly blame american consumers...we're the ones obsessed with cable news and getting "information" through tweets and sound bites while completely ignoring actual investigative journalism
I sarcastically laugh every time someone, White House or here, says the problem is in the messaging. They really should listen to Carville.
I think the problem nowadays is you have to invest a little time and effort to get to quality journalism. Incredibly easy to be led astray.
Back in the day folks could tune into the evening news a couple times a week. Half hr national/half hr local. Good to go.
Yesterday mayonnaise was $8.39 for the national brand. Store brand was on sale for $4.99.
For the first time ever I went store brand. I’ve begun doing that with more and more products.
Julian Assange tried quality journalism; exposing war crimes committed by our ‘faithful public servants’. Look where he ended up. 🤷♂️
My son graduated Magna Cum Laude from Texas with a double major in Econ and Finance. (Two Masters degrees followed)Krugman was instantly mocked, even by other mainstream outlets. “Nobel Economist Paul Krugman Mocked For Saying Inflation is Over if You Exclude Most of What People Buy,” was the take in Business Insider. “Inflation is not a problem if you don’t buy anything,” added TalkMarkets. The funniest response showed Krugman had zoomed past The Onion and become a Babylon Bee headline:
Krugman backpedaled slightly, but couldn’t help himself and went back month after month to argue the numbers were better than they seemed. In January, he posted the “NY Fed measure of underlying inflation” to confirm “the war is over, and we won.” In February, for instance, he posted a chart reminding us that “if it weren’t for owners’ equivalent rent, a price nobody pays, nobody would be talking about inflation.”
All this came a year after he had to write a column called “I Was Wrong About Inflation,” admitting to being on “Team Relaxed” when it came to the potential downside impact of a massive monetary rescue plan. One of the reasons for his miscalculation? “A big piece of the plan was one-time checks to taxpayers, which we argued would be largely saved rather than spent.”
Krugman calculates consumer prices without housing or food and assumes people in the middle of an economic crisis won’t spend six hundred bucks, but thinks other people are guilty of magical thinking on inflation?
Putting a bow on all this, in the “magical thinking” piece Krugman indulged in a catastrophic fantasy about Trump potentially devaluing the dollar to stimulate exports, an idea he ripped as “clearly inflationary — raising import prices and overheating a U.S. economy that is already running hot.” One can only assume he means hot in the Goldilocks sense, i.e. not too much inflation, and not too little, but just hot enough.
One last note. Krugman rails against Trump’s reported plans to expand tariffs. This is interesting because when Joe Biden told the World Trade Organization to shove it a year and a half ago after the WTO declared Trump’s last tariff regime (which Biden was continuing) illegitimate, Krugman declared, “It’s up to America to determine whether its trade actions are necessary for national security,” and “an international organization has no right to second-guess that judgment.” This came in an article showing Biden speaking sternly into a microphone with a big ‘Murican flag in the background, titled, “Why America is Getting Tough on Trade.”
I’m not endorsing any of Trump’s economic ideas, but the issue here is the naked partisanship of Krugman’s act. When Trump was in office, he was writing articles like “Why is Trump a Tariff man?” and declaring that his tariffs were about “rewarding his friends,” “power,” and “cronyism,” rather than any kind of populist policy (because Trump voters are “driven more by animosity toward immigrants and the sense that snooty liberals look down on them than by trade policy”). When Biden’s in office, extending the exact same tariffs, Krugman waves the flag and hums Lee Greenwood for his “tough America” columns. Now we’re back to worrying about Trump’s “magical thinking” and “petty strongman” tendencies.
This is worth pointing out only because partisan pettiness has become the default explanation for those “perception of the economy” pieces I wrote about last week. Krugman has hit this theme countless times, most recently in early April:
Quoting the Wall Street Journal in saying, “When it comes to the economy, the vibes are at war with the facts,” Krugman adds:
"The elephant in the room — and it is mainly an elephant, although there’s a bit of donkey too — is partisanship. These days, Americans’ views of the economy tend to be determined by political affiliation rather than the other way around… Republican politicians and media are united in trashing the Biden economy… Democrats, on the other hand, are divided, with some progressives talking down the economy because they fear that acknowledging the good news might undermine the case for strengthening that weak social safety net."
Got that? Ordinary people don’t have honest opinions about the economy, just partisan reactions, and when progressives say negative things, it’s only because they’re lying for a good cause, i.e. stumping for a wider safety net. Everybody is dishonest except the experts like Krugman, who have facts where the volk only have vibes, and wrong ones at that.
What’s so irritating about the “partisan divide in economic perceptions” becoming the reigning explanation for negative public attitudes about the economy is that they’re such obvious projection. With Trump on the ballot this November, no mainstream pundit will dare speak ill of Joe Biden’s economy, whether it deserves it or not, which is both confusing and galling to audiences, and almost certainly adds to the hesitancy reflected in the polls. How can anyone feel good about things if they sense the “experts” wouldn’t tell them even if they saw a crash coming?
It’s one thing to be called stupid and partisan, but having Paul Krugman do it is almost a compliment. Almost.
He can’t even just laugh at Krugman anymore, he has moved to disgust and anger at the mere mention of his name.
Krugman is a political activist hack posing as a “noted prize winner”.
