Connect with us

Published

on

Paul Krugman’s assertion that “the war on inflation is over” if you exclude food, energy, shelter, and used cars is being mocked online.

The Nobel Prize-winning economist and New York Times columnist posted the comment on his X social media account on Thursday.

“The war on inflation is over,” Krugman wrote in the caption, adding: “We won, at very little cost.”

Krugman attached a graph titled “CPI ex food, energy, shelter and used cars” that showed a declining rate stretching from 7% in January of last year to slightly below 2% in September.

The reaction on X to Krugman’s post was scathing, with critics noting that the Labor Department’s consumer price index (CPI) — the most widely used by economists to gauge prices faced by consumers — factors in those day-to-day living expenses.

“This is fantastic news for all Americans who dont need food, a place to live, or fuel & electricity,” wrote Tim Murtaugh.

The war on inflation is over. We won, at very little cost pic.twitter.com/opumf3nEvL

Another X user wrote: “What a joke. The items left out are what people spend the most money on.”

“Paul Krugman is NOT an economist. He is an unabashed propagandist for the Biden regime,” another X user commented.

US inflation rose 3.7% in September, more than economists expected and still well above the Federal Reserves 2% target, as the central bank weighs whether to hike interest rates again by years end.

In a subsequent post on X, Krugman appeared to walk back his claim.

“I was too flip here,” the Times columnist wrote.

“I’ve been using this particular measure for a while, so want to be consistent. But it has flaws (medical insurance too optimistic). But almost every measure now <3 percent.”

Krugman argued that “we do seem quite close to prepandemic inflation” when factoring in “the whole distribution” of price increases.

To bolster his claim, Krugman cited the personal consumption expenditures price index (PCE), which leaves out food and gas prices.

Krugman wrote that PCE inflation was “closing in on 2 percent.”

I was too flip here. I've been using this particular measure for a while, so want to be consistent. But it has flaws (medical insurance too optimistic). But almost every measure now <3 percent. 1/ https://t.co/fNN1dM42JC

“People have been reluctant to call this,” he wrote.

“But the data really want to tell us that inflation has very nearly normalized.”

On a monthly basis, inflation slowed to 0.4% from 0.6% in August, partly because of lower pressure from energy prices.

However, core CPI a number that excludes volatile food and energy prices and serves as a closely watched gauge among policymakers for long-term trends held steady at 0.3% month to month and rose 4.1% from a year ago, in line with expectations.

The gasoline indexs 2.1% advance was also a large contributor to the CPI, the data showed, though the federal agency said shelters 0.2% increase accounted for over half of the increase.

Additional Reporting by Shannon Thaler

Continue Reading

Sports

Follow live: Kings look to take 3-0 series lead vs. Oilers

Published

on

By

null

Continue Reading

Sports

Hagel suspended for Game 3 due to hit on Barkov

Published

on

By

Hagel suspended for Game 3 due to hit on Barkov

Tampa Bay Lightning winger Brandon Hagel was suspended one game by the NHL Department of Player Safety on Friday night for what it labeled “an extremely forceful body check to an unsuspecting opponent” that injured Florida Panthers captain Aleksander Barkov.

Hagel will miss Saturday’s Game 3 in Sunrise, Florida. The Panthers lead the series 2-0.

Around midway through the third period of Thursday’s Game 2, Tampa Bay was on the power play while trailing 1-0. Barkov pressured defenseman Ryan McDonagh deep in the Lightning zone. With the puck clearly past Barkov, Hagel lined him up for a huge hit that sent the Panthers captain to the ice and thumping off the end boards.

A penalty was whistled, and the officials conferred before calling a “five-minute penalty.” After review, Hagel was given a 5-minute major for interference. Barkov left the game with 10:09 remaining in regulation and did not return to the Panthers’ 2-0 win.

Lightning coach Jon Cooper said after the game that he didn’t expect Hagel to receive a major penalty for the hit.

“Refs make the call. I was a little surprised it was a five, but it was,” he said.

The NHL ruled that Hagel’s hit made “some head contact” on Barkov.

“It’s important to note that Barkov is never in possession of the puck on this play and is therefore not eligible to be checked in any manner,” the league said.

In the Friday hearing, held remotely, Hagel argued that he approached the play anticipating that Barkov would play the puck. But the Department of Player Safety said the onus was on Hagel to ensure that Barkov was eligible to be checked. It also determined that the hit had “sufficient force” for supplemental discipline.

It’s Hagel’s first suspension in 375 regular-season and 36 playoff games. He was fined for boarding Florida’s Eetu Luostarinen in May 2022.

The Panthers held an optional skate Friday. Coach Paul Maurice said Barkov “hasn’t been ruled out yet” but “hasn’t been cleared” for Game 3.

“He’s an irreplicable player,” Panthers defenseman Seth Jones said of Barkov. “One of the best centermen in the league. He’s super important to our team.”

The Lightning lose Hagel while they struggle to score in the series; they scored two goals in Game 1 and were shut out in Game 2. Tampa Bay was the highest-scoring team in the regular season (3.56), with Hagel contributing 35 goals and 55 assists in 82 games.

Continue Reading

Sports

Goalies Montembeault, Dobes leave Caps-Habs

Published

on

By

Goalies Montembeault, Dobes leave Caps-Habs

The Washington Capitals and Montreal Canadiens lost their starting goalies because of injuries in Game 3 of their first-round series Friday night.

Canadiens starter Sam Montembeault was replaced by rookie Jakub Dobes, who made his playoff debut, in the second period. Capitals starter Logan Thompson left late in the third period after a collision with teammate Dylan Strome.

The Canadiens won 6-3 to cut their series deficit to 2-1.

Montembeault left the crease with 8:21 remaining in the second period and the score tied 2-2. Replays showed him reaching for the back of his left leg after making a save on Capitals defenseman Alex Alexeyev. Montembeault had stopped 11 of 13 shots. For the series, he stopped 58 of 63 shots (.921 save percentage) with a 2.49 goals-against average.

Dobes, 23, was 7-4-3 in 16 games for the Canadiens in the regular season with a .909 save percentage. Dobes had a win over the Capitals on Jan. 10, stopping 15 shots in a 3-2 overtime win.

Thompson was helped from the ice by a trainer and teammates after Strome collided with him with 6:37 left in regulation right after Canadiens forward Juraj Slafkovsky made it a 5-3 Montreal lead. Thompson attempted to skate off on his own but couldn’t put weight down on his left leg.

Backup goalie Charlie Lindgren replaced Thompson, who had been outstanding for the Capitals in the first two games of the series, winning both with a .951 save percentage and a 1.47 goals-against average. He made 30 saves on 35 shots in Game 3.

Continue Reading

Trending