High Priest Economist and Globalist Icon Admits He Was Dead Damn Wrong
Paul Krugman, late of the New York Times and Princeton -- that beloved icon and high priest economist of all the cheerleaders for failure -- admits he got it dead damn wrong.
Via Bloomberg: "What Economists (Including Me) Got Wrong About Globalization."
Yes, he says he didn't see it coming.And as one of the people who helped shape the 1990s consensus -- that the contribution of rising trade to rising inequality was real but modest -- it seems appropriate for me ask now what we missed.
Of course, there's a lot of what I call sing-song in Krugman's mea culpas; but there is no denying his admission to being dead damn wrong. The sing-song includes Krugman's excuse that they "had no way to know." Then why didn’t he and his consensus buddies say that? More “settled science?” I guess he's stealing a page from the playbook of the man-made climate change believers and their "just a shot in the dark" alarmism theories when it comes to predictions. "If the predictions are wrong, oh well. We took a shot at it." These "reasons" by Krugman are provided despite warnings from anti-globalists, warnings from pro-Main Street economists and small businesses, and warning from manufacturing and industry the entire time that globalization was harming workers in America. And yes, even Donald Trump was shouting it from the rooftops for decades to anyone who would listen.The pro-globalization consensus of the 1990s, which concluded that trade contributed little to rising inequality, relied on models that asked how the growth of trade had affected the incomes of broad classes of workers, such as those who didn't go to college. It's possible, and probably even correct, to think of these models as accurate in the long run. Consensus economists didn't turn much to analytic methods that focus on the workers in particular industries and communities, which would have given a better picture of short-run trends. This was, I now believe, a major mistake -- one in which I shared a hand.
Krugman's admissions are important. It’s rare for someone on the dark side to admit mistakes. Krugman's past awards in economics puts him in a position where he needs to set aside his political bias and animus toward Trump, bias against those touting free enterprise and bias against Republicans. Krugman owes it to everyone to bear the responsibility that comes with awards of recognition: Make sure what you say is correct and can be backed up with sound evidence. Don’t give us something that could have a result that causes you to tell us years later that you “had no way to know.” Krugman and his buddies have been dead damn wrong about globalist trade, and that includes our trading relationship with China. Who would dare call it a trading partnership after the way China (and other so-called allies have been allowed to screw over the US)? The US was losing every trade war leveled against it and their former leaders just smiling about it.
The decades of globalist trade created layoffs, business closures, high unemployment that we were told required a magic wand to improve, along with massive trade deficits. America lost over 3 million jobs -- a conservative estimate -- since our globalist trade endeavors began involving Communist China. And that’s what China is -- communist -- so call it what it is.
In summary, the guy who cheerleaders for failure thought could do no wrong because of past awards in economics, not only proved me and Trump and millions of others to be correct, but he ADMITS that the consensus for globalist trade FAILED TO RECOGNIZE how it would increasingly harm America's working class and middle class. In other words, Krugman not only missed the problem that his philosophy would cause, but Krugman didn't recognize the necessity of decoupling Main Street from globalist Wall Street -- as Trump has successfully done since taking office. It’s why tariffs have not had a harmful effect on the Main Street side of the US economy.
Despite admitting his mistake, Krugman will never admit that Trump was correct. But that's okay because Trump's beliefs regarding globalist trade are a matter of public record. Trump has been fighting against globalist trade and fighting FOR Main Street for decades, not just since 2015.
And let's not forget one salient point made by cheerleaders for failure and the LIB Thug Mob in the past. They believe that if any conservative was EVER WRONG ABOUT ANYTHING, they can NEVER be correct or believed about anything else again. It will be interesting to see if they apply that stupid standard to their hero Krugman.