Economic experts don’t get much more expert than Paul Krugman.
The current ‘Distinguished Professor of Economics at City University of New York’ is so eminent in his field that he was awarded the Nobel Memorial Prize in Economic Sciences in 2008.
He’s written 27 books on economic matters, published over 200 scholarly articles, and penned several hundred more columns for the New York Times, Fortune and Slate.
So it’s probably fair to surmise, as many do, that Mr Krugman might be the smartest economist in the world.
That’s why people were so desperate to know his immediate reaction to Donald Trump winning the 2016 election.
He was unequivocal: this was a catastrophe of almost Biblical proportions.
‘It really does now look like President Donald J. Trump,’ Krugman wrote in a blog for the NYT posted at 12.42am, ‘and markets are plunging. When might we expect them to recover? Frankly, I find it hard to care much, even though this is my speciality. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear. Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.’
After two-and-a-half years of President Trump, the US economy is powering away and smashing records as it surges
Today, it was revealed that 263,000 new jobs were added in April, massively higher than what was forecast. Unemployment fell to 3.6%, the lowest number since 1969
Poor Krugman, whose sneering loathing for Trump knows no bounds, was almost inconsolable as he predicted financial Armageddon:
‘Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the financial crisis. Now comes the mother of all adverse effects and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. So we are probably looking at global recession, with no end in sight.’
Other economic experts agreed with Krugman.
‘Under Trump, I would expect a protracted recession to begin within 18 months,’ declared former Clinton and Obama chief economist Larry Summers.
‘Trump would likely cause the stock market to crash and plunge the world into recession,’ asserted Simon Johnson, MIT economics professor.
The Washington Post entitled an editorial: ‘A President Trump could destroy the world economy.’
As predictions go, these are now all right up there with the ones confidently insisting Special Counsel Robert Mueller would find Trump guilty of Russian collusion.
Because none of them actually transpired.
Indeed, the complete opposite has happened.
After two-and-a-half years of President Trump, the US economy is in fact powering away and smashing records as it surges.
Today, it was revealed that 263,000 new jobs were added in April, massively higher than what was forecast.
Unemployment fell to 3.6%, the lowest number since 1969.
America now has record low African America, Hispanic and Asian unemployment, the lowest unemployment rate for women since 1953, and the quickest wage growth for workers in 10 years.
Economic experts don’t get much more expert than Paul Krugman (pictured). The current ‘Distinguished Professor of Economics at City University of New