It’s pretty hilarious to read economic dunce-in-chief Paul Krugman squawk over President Donald Trump having supposedly worsened a housing crisis that the columnist’s beloved Bidenomics drastically exacerbated in the first place.
Trump is reportedly considering declaring a national housing emergency later this year, as major unit shortages and high rates on 30-year fixed mortgages continue to rankle homebuyers.
So, Krugman immediately took the opportunity to whip out his defective crystal ball — again — to predict Trump was going to wreck everything in a September 3 screed:
Unfortunately, everything Trump is doing that affects housing availability will make the emergency worse.
Remember, this is the same genius who spent months convincing readers that America would experience a Biden boom. When President Joe Biden’s spend-a-holic policies boomed America into an inflationary disaster, which also battered the housing market, Krugman called the Biden economy “successful, even if nobody will believe it.”
The funny thing is, Krugman didn’t even mention Biden’s name even once. In fact Krugman mentioned that “[o]ver the past decade home prices have risen much faster than the overall cost of living, so the popular perception that housing has become unaffordable is grounded in reality.”
Four of those years were overseen by the self-dubbed “best president of” Krugman’s “adult life” (not that he cared anyway).
But the disgruntled economist was adamant that “Trump’s non-housing policies will discourage home construction. Nothing says ‘make housing cheaper’ like imposing a 35 percent tariff on imports of Canadian lumber and deporting many of the immigrant workers crucial to the U.S. construction industry.”
In a co-authored piece published May 2024, Heritage Foundation President Kevin Roberts and economist EJ Antoni analyzed that the median home price had skyrocketed a whopping 114.5 percent since Biden had taken office.
The culprit? Oh yeah, the government Krugman loves so much:
When the Treasury ran multi-trillion-dollar deficits year after year, the Federal Reserve stepped in and created the money to finance that borrowing. The result was a massive devaluation of the dollar, at the fastest pace in four decades. In turn, the Fed’s manipulation of interest rates led to artificially low borrowing costs, which then amplified the increase in home prices as would-be buyers bid up sales prices.
But Krugman, completely oblivious to his own hypocrisy, scoffed at the Trump administration’s statements on the housing emergency: “If we’re lucky, they’ll turn out to be empty rhetoric, an attempt to pretend to be doing something ahead of the midterms.”
Is this what Biden was doing when he proposed insane rent controls just before the 2024 presidential election, Krugman, or were you just too busy licking his boots to say anything about it?
What a flaming hypocrite.
