Powered by Topple

Paul Krugman ridiculed for trying to tamp down stellar jobs report with baseless conspiracy theory

Powered by Topple

Get the latest BPR news delivered free to your inbox daily. SIGN UP HERE.

New York Times columnist Paul Krugman served himself a generous slice of humble pie after he questioned the amazing May jobs report.

Krugman was forced to admit that not only were the rebounding numbers “real,” his suggestion that President Trump may have done something to influence the Bureau of Labor Statistics (BLS) report was unfounded, tweeting Friday that “I apologize for any suggestion that a highly professional agency might have been corrupted.”

(Image: CNBC screenshot)

After repeated warnings from the liberal media and Democrats of doom and an inevitable recession with 20% unemployment in the country, blaming President Trump and his supposed mishandling of the coronavirus pandemic, critics had to eat their words as the latest report showed a surprising turnaround.

As Trump has been promising Americans throughout the unprecedented virus outbreak, the U.S. economy is poised to make an impressive recovery. And as businesses began to reopen, and local leaders began to ease the pandemic lockdown orders, the BLS report released Friday showed that 2.5 million jobs were added to the economy last month and unemployment dropped to 13.3 percent.

The president gave himself a pat on the back while the left scrambled to find a way to deflate the celebratory news.

Krugman voiced his skepticism in a tweet suggesting “something quirky” about the report.

“This being the Trump era, you can’t completely discount the possibility that they’ve gotten to the BLS, but it’s much more likely that the models used to produce these numbers — they aren’t really raw data — have gone haywire in a time of pandemic,” he wrote.

He came under immediate fire, getting backlash even from a former head of the Bureau of Labor Statistics who saw “no red flags.”

Krugman, who received the 2008 Nobel Prize in Economics, set himself up for plenty of criticism over his take.

“It serves no useful purpose to lend credence to conspiracy theories without any evidence,” financial services reporter at Politico, Victoria Guida, admonished.

Krugman soon backtracked, tweeting out an apology that he suggested the BLS may have been “corrupted.”

But he couldn’t leave it there, going on to defend himself and still attempt to make his point.

“Again, this does not mean that we’re out of the woods,” Krugman cautioned, warning that “late summer/early fall will be hell.”

Frieda Powers


Latest Articles