In mid-June red hot inflation reared its ugly head in America once again, as the latest U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI) report indicated that inflation in June rose at the fastest pace in over 40 years. U.S. president Joe Biden has been in office for 18 months now, and media reports are beginning to note his administration was wrong about inflation and his administration has made “dubious claims about inflation’s peak.” Meanwhile, the Biden administration and a few reports suggest there are “signs inflation may have peaked” in the U.S., as prices of commodities and oil have dropped in recent times.
“As it turned out, of course, that was a very bad call,” Krugman wrote on July 21.
“Perhaps none of these half-truths and outright fibs should be too surprising — What should we expect from the administration that first denied inflation, then said inflation was transitory, then claimed it was only a high-class problem?” the opinion authors conclude.
What do you think about Krugman’s latest article and Summer’s odds concerning a recession in the U.S.? What do you think about the flak U.S. president Joe Biden is getting for his statements about the economy? Let us know what you think about this subject in the comments section below.
