Donald Trump was able to cruise to victory on election day because Americans are upset about the state of their finances and believe that the economy is on the wrong track. But the voters who supported Trump because they think he’ll fix their problems have another think coming, according to Nobel Prize-winning economist Paul Krugman. Krugman is warning that the policies Trump is pushing are actually going to make inflation worse, something that every other economist has also been warning about. Ring of Fire’s Farron Cousins explains what’s happening.
Link – https://www.rawstory.com/trump-inflation-really-rude-shock/
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Donald Trump’s voters in the 2024 election are in for a very rude awakening. At least that’s what Nobel Prize winning economist Paul Krugman believes. Now, Krugman in a recent podcast with the New York Times, who he also works for, obviously said that a lot of voters, of course, voted based on economic anxiety, and that is what it was. They were unhappy with the current state of the economy. They ignored the gains that we had made under the Biden administration. They wanted things to be better than they are, even though we are on the right track, they thought we were on the wrong track. So they switch tracks to Donald Trump and Krugman says that’s gonna come back and bite them in ways that they don’t even realize. Here’s what Krugman said during this podcast as an economist. There’s a great irony here, which is that the biggest single factor in Trump’s victory was the fact that there was a burst of inflation.
It’s in the rear view mirror now, but people are still annoyed at how much things cost. And yet, Trump’s economic program, as far as we can tell, is the most inflationary program probably that any American president has ever tried to implement. So the food on your table is largely put there by immigrants, many of whom will end up being deported. What’s going to happen is that farm owners are going to have to pay much, much higher wages to get people to do those jobs, which the farmers will have to pass on in the form of higher prices. And that, of course, is just one area, right? And by the way, yes, that is something we have seen in states that have implemented, implemented, excuse me, tougher immigration policies than what the federal government does. What they saw was that farms either had to raise their prices because they had to pay more for labor, or the farms just left vegetables and fruits rotting in the fields because nobody was available to do the jobs.
That actually happened in Georgia. I believe it was 2012, uh, maybe a year or two off on that. But yes, we have seen states try to do this and it backfired horribly, and they all ended up reversing their policies when they realized what an economic drain it was. Trump won’t do that. He absolutely will not do that, and it is going to screw us over because we have examples from the past to look at how bad this is. But Krugman says that’s not the only thing. He worries that Trump will move to interfere with the Federal Reserve if it starts to raise interest rates again in the face of higher inflation. Krugman says, I have very little reason to believe that Trump will acknowledge that his policies are actually producing inflation, much more likely that he’ll start putting pressure on government statistical agencies to report better numbers. That is what autocratic regimes have done around the world in the past. In other words, Krugman says that when everything goes to, Trump’s just gonna force the government agencies to lie to us about how great things really
Are. So all of those voters who voted on economic anxiety, who voted based on inflation thinking Biden wasn’t doing enough, it’s gonna come back to hurt you. And I know that people, you know, hearing this right now, I think y’all are all split. I think it’s like 50 50, 50% of you are like, good. These people deserve it. And the other half are like, yeah, I mean, they deserve it, but it’s still horrible and we don’t want it to happen. I mean, really, you look on, so the reason I say this, ’cause you look on social media, that kind of, those are the two reactions, right? You have the Accelerationist who are like, good, burn it all to the ground. These people get what they deserve.
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Rooty Tooty Schadenfreude!😂😂🎉
Last week I read a posting from Musk, that he expects significant impact to the economy for 2 years, then things will turn around and be much better. I doubt we can turn this barge around that quickly, without throwing something overboard to quicken the recovery.
My thought is how bad, for a guy with many billions, losing 20 billion is not bad, what about the average American can we afford the loses in our 401k, home prices, ultimately like trump said 6 yeas ago, a downturn is a good time to buy.
But when the middle class is wiped out financially, then the ultra wealthy will buy the fire sale and consolidate their wealth, again the American dream will be gone.
Wait until he pushes his concept of deflation, it makes money almost free for business, okay that’s nice, but looking at Japan, it caused wages to drop and they have been relatively stagnated for 12 years. Average wage is close to 30,000 in Japan for people with a degree and years of work experience.
has anybody noticed since election,gas prices dropped right thats market price corporate oil allows now that election is over bigoil wanted trump to win.conspiracy. follow the money¡
Compassion right now for the people who did not have compassion for the rest of the country is not in question! We have to do what has to be done to save this country & the people who are in danger of the Nazis coming for them! From immigrants to the LGBT!
The United States of America is a misnomer since it is no longer is united but instead divided (DSA). A country founded by immigrants who were welcomed with open arms by the indigenous people who had no clue that the people invading their land would one day decry the entry of immigrants that leadership describes as illegal. Ironic would be an understatement. The election of Trump to a second term by supposedly intelligent voters is a sad day in the evolution of this country. In what world is a convicted felon, misogynist, racist, fascist, rapist, pedophile, narcissist who led an insurrection against this country’s capitol considered a norm? A country with Supreme Court justices willing to do his bidding staffed by criminal justices? A majority of senate and house lawmakers who continue to support the 47th president of the DSA? An unstable government indeed. In fact, if you Google the term, “unstable government” the response comes back as “Banana Republic.” Is that what we have become? It would appear so. But on the bright side, the voters responsible for his second term will learn the error of their ways. I say bright side because those of us who did not vote for him can sit back and watch Karma do her thing. Hopefully the dementia prognosis given Trump by medical professionals will remove him from office. Signs that his affliction is progressing. Look at his political appointees are. Gaetz as Attorney General. Hopefully the Senate will not ratify his appointment. But then again, they are sycophants of Trump. Is it possible that a civil war may be looming. Trumps lose may have sparked one. Trump’s victory hopefully will not. Blue states will put up barriers against his unlawful mandates. The Red States will not. Welcome to the Divided States of America.
It is a great irony that unless Trump was ACTUALLY re-elected the MAGA zealots will never realise just how awful he is. But also now he is ACTUALLY re-elected, the US is finished… it will henceforth be referred to as 'THE GREAT AMERICAN PARADOX'.
(it's like your idol convincing you that you can fly. You jump of a skyscraper, and when you realise he was full of sh*t, you are about to die. Whereas if you don't actually jump they will remain an idol!)
What people say about why they voted the way they did and why they really voted, may be two very different things. It's possible that the real reason is the more obvious one… too many people are still too sexist and racist to be willing to accept a woman of color as head of our country, regardless of how smart of competent they may be.
Unfortunately, when some people feelings & actions are based on discrimination with bias judgements made by selfish, soulless, evil spirited people who don't even like themselves then they are only shocked when they look into the mirror to see who they really are nothing more or less. Not trying to get right, never been right, never will do right by themselves or others period. Who's shocked 🤔 They will learn by God & Mother nature & It will explain everything period. I pray good people who are imperfect perfect unique continue to change for the better to see God and his true followers and believers. 🙏
Going to bite the tRump voters? It's going to bite the world in the donkey.
Ok the fact migrants are exploited for farm works says a lot about
When a voting majority backs an idiot, it is safe to call that country idiotic. Welcome to Idiocracy, people – so glad you could drag us down to that level.
Let me think back, have governments ever lied to their constituents before? The suffering is going to be nation wide.
“Warning” trump is like warning a pig not to eat slop. They can’t help themselves.
ON top of this Side of Inflation comes the tariffs will Speed Up that horrible Szenario.
And yes. Trump will never ever Going Backwards even when He Sees people dying
Who cares…
Of course Drumpf will just lie about how well the economy is going. And since the MAGAts had no problem with Trump drawing on a hurricane cone chart with a sharpie to 'prove' he was right in saying Alabama was going to be impacted, I don't hold out much hope that it will change the cultists' belief in their messiah.
Wonder if trump will deport his foreign workers?
And we didn’t see this coming?
"Maybe Trump's and the smart guy"……..and monkey's fly out of my butt😂
Well, they didn't care if immigrants suffered.
The mainstream media did not report in a positive way the economic improvements over the last 3 years or so.
But it also doesn't help that a very large part of the population is just gullible and stupid.
Kenneth Square PA is known as the “Mushroom Capital of the World”…….they are unable to get the undocumented migrant workers to handle the harvest and claim that the yield has dropped to 1/3.
Republicans benefit the rich. But they can't run on that so they create cultural wars and create attacks. Kamla never said she defended trans. It was Trumps own policy. But they flipped it that it was hers. Americans got played. But they vitednfor thr smoke screens of cultural wars.np pne cared about. Divide the masses have them argue it our while they stopped in and took women's rights away.