New York Times' Paul Krugman insists 'Bidenomics' have benefited American workers with 'huge employment boom'
Liberal New York Times columnist Paul Krugman continued to defend President Biden at every turn, arguing on Monday that “Bidenomics” has benefited American workers.
Krugman, who was mocked last month for claiming the economy is experiencing a “Biden boom” despite record 40-year-high inflation, penned a column published Monday headlined, “Has Bidenomics Been Good for Workers?”
“President Biden has presided over a huge employment boom that, according to Friday’s employment report, is still in progress. That’s simply a fact, although stating it (like pointing out that we aren’t in a recession at the moment) guarantees that I will receive a truckload of hate mail,” he wrote. “By Biden’s second Labor Day, the U.S. economy had added substantially more jobs on his watch than it did in the Trump administration’s first 37 months — that is, before Covid-19 put the economy into a temporary coma.”
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Krugman then admitted “many of the job gains under Biden probably reflected a natural recovery from lockdowns, and in general it’s easier to add many jobs when you start, as Biden did, from a position of depressed employment,” but quickly reverted to fawning over the president.
“On the other hand, employment has recovered faster than almost anyone expected,” Krugman wrote before noting that inflation is an issue but “Bidenomics has been good for American workers, whether they know it or not.”
Krugman has denied that America is in a recession, despite the GDP experiencing two consecutive quarters of negative growth, the technical definition of a recession. The liberal columnist – who also recently defended Biden’s school loan handout – believes “two big conceptual issues” are essential when evaluating the effects of rising employment on Americans.
“First, do we look at the wages of only fully employed workers, or do we consider the gains to Americans who would have been unemployed or working reduced hours but for the Biden boom? Second,” he continued. “How much of the inflation the U.S. economy has suffered since Biden took office do we attribute to the boom, as opposed to things that would have happened whatever his policies had been?”
The liberal Times columnist answered his own questions by declaring, “If we include wage gains due to the rising share of Americans with jobs and the rising number of hours for those employed, the Biden boom has, unambiguously, been good for workers’ incomes… the biggest gains went to the lowest-paid workers. So the Biden boom didn’t just increase overall incomes; it reduced inequality.”
Krugman also dismissed workers who already had jobs when Biden took office losing purchasing power because of inflation because the issues “have a lot to do with global forces and little, if anything, to do with U.S. policy.”
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“So, yes, the Biden boom has been good for workers. More Americans — a lot more Americans — got jobs, and while those who were already employed suffered a decline in real wages, that decline reflected events in global food and energy markets, not U.S. policy,” he wrote.
Krugman concluded the glowing piece by noting that an extended period of high unemployment could erase whatever gains American labor had made during the Biden administration but reminded readers that he approves of the president’s to-date economic plan.
“So far, Bidenomics has indeed helped workers,” he wrote.
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Fox News’ Joe Silverstein contributed to this report.