Economist, New York Times columnist Paul Krugman, on Sunday refuted the idea that the United States is in recession despite the fact that there have been back-to-back quarters when the U.S. economic has contracted.
Krugman stated to CNN’s “Reliable Sources”, that there was no recession in the United States in “any technical sense .”
Host Brian Stelter asked, “Are you in a recession? And does the term matter ?”
?”
” No, we’re not, and it doesn’t,” Krugman responded.
“No one of the criteria real experts use to say we are in recession right now,” he said. What is important? “The economy’s current state is the best it can be. Despite the fact that there are many jobs, it is possible for the market to be weakening. Although inflation is still high, it may be coming down. It doesn’t matter if you use the ?”
r-word.
Krugman said he’d “never seen something as bad as the determination of many people to call it a recession.” This was because he believed that the term “Biden recession”, as used by the economist, was just vitriolic partisanship.
” I would call this particularly vitriolic,” Krugman said. Krugman stated, “I have been in the business for several decades and get lots of hatemail and stuff. This is the worst thing I have ever seen. It’s beyond my imagination to see so many people claiming it’s a recession .”
” What do you believe is driving this?” Stelter inquired. “Just partisanship getting worse and more polarized every year ?”
“It’s partisanship. It’s what people want. This is the Biden recession. Their Biden recession. He replied that they would have it.
Follow Trent Baker on Twitter @MagnifiTrent
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