Charles Payne says new inflation level 'devastating' for economy
FOX Business host Charles Payne joins Harris Faulkner to respond to the Consumer Price Index Report indicating a 9.1 percent increase in prices since last June.
Inflation surpassed expectations, spiking to 9.1% higher in June than it was one year ago, but the dismal news was downplayed by New York Times columnist Paul Krugman.
As the latest Consumer Price Index report from the Bureau of Labor Statistics dropped Wednesday, revealing inflation had hit another 40-year-high, the liberal economist argued there was "good news" to be found in the June numbers.
Krugman, who once predicted there would be an economic boom with President Biden in office, also proposed the economy was going to get better soon.
Inflation hit a record level 9.1% in June. (istock)
Krugman dismissed the high inflation rate as outdated because he claimed it didn't reflect the drop in gas prices in the past month. "The good news is that I don't think this matters much," he wrote.
He ended his thread predicting a slow-down in inflation in coming months, writing, "We'll be okay."
He also shared a tweet from a fellow economist predicting that "high inflation won't persist" and "this too shall pass."
"Word," Krugman tweeted.
People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, U.S., June 13, 2022. REUTERS/Lucy Nicholson
In 2021, Krugman insisted that inflation was "transitory." Over the past several months he has frequently knocked the inflation "hysteria," as some conservatives on Twitter have pointed out.
MSNBC, CNN, NBC, ABC SPIN INFLATION, OFFER ADVICE TO CUT COSTS AS DEMOCRATS PANIC
Inflation, high gas prices and general concerns about the economy are the top issues facing voters this Fall, according to several surveys.
A gas pump displays the price of fuel at a gas station in McLean, Virginia, June 10, 2022. - Wall Street stocks fell sharply early on June 10 following fresh data showing surging consumer prices that quashed hopes inflation would quickly abate. Friday's report showed the consumer price index (CPI) jumped 8.6 percent compared to May 2021, topping analyst estimates and up from 8.3 percent in the 12 months ending in April. ((Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images))
Many liberal journalists have tried to spin the struggling economy as unrelated to the leadership in the White House or Congress.
MSNBC host Stephanie Ruhle argued last week that GOP messaging blaming Democrats was false, and that voters who believed this were relying on "feelings" instead of "facts."