No matter which way you cut it, the Inflation Reduction Act and the Bipartisan Infrastructure Law are stimulating a massive reinvestment in manufacturing, infrastructure, and good working class jobs in the United States. After decades of complaints, political potshots, and genuine economic pain from the loss of such working class jobs, we now have an administration that is doing something about the crisis and reversing the trend.
Tweeting about it, Krugman says, “I guess I shouldn’t be surprised that there’s pushback against the observation of a Biden manufacturing boom. So first of all, no, it isn’t just inflation. Deflate by whatever you like, and it’s still parabolic.” In other words, doing the math and science, this growth in manufacturing is not explained by broader economic factors like inflation.
Despite a long, drawn out obsession with a potential recession, the economy is actually booming. Unemployment is low. Factory projects are popping up, and the green energy economy is back. I guess I shouldn't be surprised that there's pushback against the observation of a Biden manufacturing boom. So first of all, no, it isn't just inflation. Deflate by whatever you like, and it's still parabolic 1/