Examining Paul Krugman's Magical Thinking

Last week, in “It’s Not Me, It’s You,’” I wrote about a booming new op-ed genre, the editorial that bashes hick voters for their incorrect “Perception of the Economy.” Pundits attack voters’ “stubbornly low” assessments, producing poll numbers that leave experts “baffled” and wondering when people will catch up to “reality.”

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In a bit of Racket malpractice, the article didn’t mention Paul Krugman of the New York Times, who’s written a collection of those articles and become the unofficial tribune of the “Perception of the Economy” movement. As scientists in classical times believed the sun revolved around the earth, Krugman believes all things revolve around Donald Trump, the subject of this recent piece of wizardry:

Krugman’s “quack economics” fears are prompted by a Wall Street Journal report claiming Trump advisers are “quietly drafting proposals that would attempt to erode the Federal Reserve’s independence” if Trump wins in November. As the Times “Dealbook” page surmised, “The overall goal is to give Trump what he wants: more say on interest rates,” with those unnamed sources claiming Trump aides discussed requiring Fed officials to consult with the president before raising or lowering rates.

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