Paul Krugman Warns Why This Donald Trump ‘Obsession’ Has Economists So Alarmed
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"This is just horrifyingly irresponsible," warned the famed economist.
Paul Krugman this weekend issued a damning critique of what he described as Donald Trump’s “obsession” with seizing control of the Federal Reserve and its monetary policy.
“For my sins, I actually do, fairly often, look at Trump’s Truth Social feed, and this is not a guy I would allow within three miles of making monetary policy. This is just horrifyingly irresponsible,” the renowned economist told MSNBC’s Ali Velshi.
Krugman, the 2008 winner of the Nobel Memorial Prize in Economic Sciences, noted how America is currently experiencing “at least a mild case of stagflation,” when high inflation combines with stagnant economic growth and rising unemployment. Friday’s jobs report was not good news for Trump.
The Fed will “for sure” cut interest rates — as Trump is demanding — next month, he predicted. But that won’t “fix the underlying problem” or “deliver the kind of wonderful economy that Trump claims we have,” he warned.
Stagflation usually results from external pressures, said Krugman. But during Trump’s second term it’s “all self-generated, self-inflicted, ‘Trump-enomics’ has done this to us,” he said.
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