Paul Krugman, economist and left-wing water-toter extraordinaire, wants you to know that the Biden administration is definitely to blame for the current kinda-sorta-depending-on-your-definition “recession” – but ONLY because the president was just too good, and the country couldn’t handle it.
The Biden presidency, in fact, has been so utterly fantastic at creating new jobs, springing us back like an overstretched rubber band from the edge of a COVID-filled pit of despair, that the president who can't remember his own name has now broken the country with his sheer awesomeness.
“The problem may be that the Biden economy boomed *too much*, feeding inflation, and that it now needs to cool off, which may involve a recession (but hasn't yet),” Krugman posted on Twitter, along with a chart claiming that the Biden administration has been responsible for “creating” 9 million “new” jobs since the president first took office in January of 2021.
The problem may be that the Biden economy boomed *too much*, feeding inflation, and that it now needs to cool off, which may involve a recession (but hasn't yet) 2/— Paul Krugman (@paulkrugman) August 1, 2022
The vast majority of those being jobs that returned following government-mandated shutdowns of businesses to protect grown adult Americans from the deadly threat of a virus with a 99% survival rate.
But never mind the details, or the facts. Biden was in office when some 9 million people went back to work, meaning he gets the credit for “creating” the jobs that were there in the first place, were stifled or destroyed entirely thanks to the government, and which were then spurred back by the free market being graciously "allowed" by our benevolent overlords to open back up to consumers.
“The basic fact is that so far the Biden economy has added 9 million jobs. So it has been a jobs boom, whatever else you may say,” Krugman explained.
And yes, I know that there are all kinds of issues about different starting points, the role of federal policy, etc. But the basic fact is that so far the Biden economy has added 9 million jobs. So it has been a jobs boom, whatever else you may say 3/— Paul Krugman (@paulkrugman) August 1, 2022
“Basic fact.” Oh, the irony.
While we’re looking at basic facts, it should be pointed out that at its peak, the government’s COVID response cost the U.S. economy an estimated 23 million-plus jobs, per one report from Georgetown University. But, yay for nine million, I suppose.
It could also be pointed out that gas prices have continued to rise under Biden’s presidency – consistently, in fact, and not beginning with the Russian invasion of Ukraine. Put that together with supply chain issues driven largely by the COVID bungle, along with government stimulus checks and unemployment, a war on energy and an out-of-control federal bureaucracy that spends money like it's Monopoly cash, and you’ve got a stellar recipe for an inflation cocktail that has nothing at all to do with a “Biden boom.”
Unless, of course, that "boom" is the sound of this president blowing up the economy.