Author: Paul Krugman

President Biden had what I’d call a human moment yesterday. After a Fox News correspondent shouted out a question about whether inflation would be a political liability, Biden could be…

Americans like to think of their nation as a beacon of freedom. And despite all the ways in which we have failed to live up to our self-image, above all…

Back in 2010 a group of conservative academics, economists and money managers signed an open letter warning that the efforts of the Federal Reserve to support the economy would be…

President Biden ended his first year in office on a low note, with polls showing public disapproval of his handling of, well, just about everything. We are, of course, hearing…

Inflation has become a big issue for the U.S. economy and, of course, a big political headache for the Biden administration. But while many people have been urging President Biden…

Remember when New York City was doomed? The first wave of the Covid-19 pandemic hit the city like a hammer, killing more than 20,000 New Yorkers over the course of…

Yesterday I wrote about America’s surprising success in limiting the economic damage from Covid-19. Compared to expectations and compared to our handling of the 2008 financial crisis, we’ve done remarkably…

All the reporting these days is about rising prices. And I get that: A 7 percent surge in the Consumer Price Index over the past year comes as a shock,…

I had some fun yesterday with a tweet by Josh Mandel, the would-be MAGA senator from Ohio, who has declared his allegiance to fundamental American values: God, family and Bitcoin.…

Josh Mandel, a Trump disciple seeking the Republican Senate nomination in Ohio, recently tweeted out what he stands for: “Ohio must be a pro-God, pro-family, pro-Bitcoin state.” Indeed, there has…

The economy of 2021 had its good points (high job growth) and its bad points (high inflation). I argued in yesterday’s column that we couldn’t have had the good without…

For the U.S. economy, 2021 was both the best of times and the worst of times — well, maybe not that bad, but still.The good news: Unemployment plunged thanks to…

Grumpy New Year! There probably weren’t many Americans who started 2022 feeling celebratory. We’re going through yet another Covid wave, which is scary and wearying even though Omicron appears to…

A year ago it seemed reasonable to hope that by early 2022 we’d mainly be talking about Covid — or at least Covid as a major health and quality-of-life issue…

I’ll leave the savvy political analysis to others. I don’t know why Senator Joe Manchin apparently decided to go back on an explicit promise he made to President Biden. Naïvely,…

Programming note: This newsletter will be off for the next two weeks, returning Jan. 4.On Wednesday the Federal Reserve announced that it plans to make monetary policy a bit less…

I will always associate inflation with the taste of Hamburger Helper.In the summer of 1973 I shared an apartment with several other college students; we didn’t have much money, and…

On Friday, a devastating swarm of tornadoes swept through Kentucky. The state’s leading figures appealed for federal aid, which was promptly granted — and rightly so. Helping people and communities…

Build Back Better — the Biden administration’s effort to create a better future for America — is resting on a political knife edge. It’s anyone’s guess whether it will become…

Today’s consumer price report came as a huge surprise to almost everyone — because the numbers came in almost exactly in line with expectations, which basically never happens. Analysts whose…

Last week’s employment report was puzzling. The Bureau of Labor Statistics carries out two separate surveys, one of employers and another of households; we normally expect the two to paint…

Bob Dole, the former Senate majority leader and presidential candidate, died on Sunday at age 98. The media were filled with encomiums, which was understandable even for those who opposed…

On Wednesday, Jerome Powell, the chair of the Federal Reserve, testified before Congress — always a chancy enterprise, because some politicians have strong opinions about monetary policy that have little…

With everything else going on — the likely imminent demise of Roe v. Wade, the revelation that Donald Trump knew he had tested positive for the coronavirus before he debated…

This morning Eurostat, the European statistical agency, announced its “flash” estimate of November inflation for the euro area. It came in well above expectations — a 4.9 percent rise in…

Americans have a hard time learning from foreign experience. Our size and the role of English as an international language (which reduces our incentive to learn other tongues) conspire to…

Who should lead the Federal Reserve? President Biden faced a difficult choice. Should he reappoint Jay Powell, a monetary dove who believes that the current inflation spike is probably temporary…

For centuries, America has invested taxpayer money in its future. Public funds built physical infrastructure, from the Erie Canal to the interstate highway system. We invested in human capital, too:…

Early this year some prominent economists warned that President Biden’s American Rescue Plan — the bill that sent out those $1,400 checks — might be inflationary. People like Larry Summers,…

“Democracy,” Winston Churchill declared, “is the worst form of government except for all those other forms that have been tried from time to time.” But how bad is it? Looking…

On Wednesday, the Bureau of Labor Statistics announced that consumer prices in the United States rose 6.2 percent over the past year. Critics of the Biden administration jumped on the…

Back in July the White House’s Council of Economic Advisers posted a thoughtful article to its blog titled, “Historical Parallels to Today’s Inflationary Episode.” The article looked at six surges…

By the usual measures, the U.S. economy has been booming this year. Employment has risen by more than five million since January; a record number of Americans say this is…

Thirteen Republican members of the House voted for the infrastructure bill now headed for President Biden’s desk. That may not sound like much, but given the intensity of G.O.P. partisanship…

Life is full of surprises. But there are surprises, and then there are surprises.What I mean is that most of the time, when something you weren’t anticipating happens, you quickly…

Democrats are engaging in a lot of soul-searching after Tuesday’s elections. Much of that soul-searching involves trying to find a better way to respond to the critical race theory attack;…

Elon Musk doesn’t think visionaries like him should pay taxes the way little people do. After all, why hand over his money to dull bureaucrats? They’ll just squander it on…

The Delta surge in Covid-19 seems to be receding. That’s good news, and not just because fewer people are dying. Fear of infection was one reason the economic recovery hit…

It’s been a troubled few months on the economic front. Inflation has soared to a 28-year high. Supermarket shelves are bare, and gas stations closed. Good luck if you’re having…

Back in July, Kay Ivey, governor of Alabama, had some strong and sensible things to say about Covid-19 vaccines. “I want folks to get vaccinated,” she declared. “That’s the cure.…