Donald Trump was able to cruise to victory on election day because Americans are upset about the state of their finances and believe that the economy is on the wrong track. But the voters who supported Trump because they think he’ll fix their problems have another think coming, according to Nobel Prize-winning economist Paul Krugman. Krugman is warning that the policies Trump is pushing are actually going to make inflation worse, something that every other economist has also been warning about. Ring of Fire’s Farron Cousins explains what’s happening.
Link – [ Ссылка ]
Subscribe to stay connected to our stories: [ Ссылка ]
Support us by becoming a member on YouTube: [ Ссылка ]
Or Support us on Patreon: [ Ссылка ]
Buy Ring of Fire merch: [ Ссылка ]
Find us on social media!
Facebook: [ Ссылка ]
Twitter: [ Ссылка ]
Instagram: [ Ссылка ]
TikTok: [ Ссылка ]
*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Donald Trump's voters in the 2024 election are in for a very rude awakening. At least that's what Nobel Prize winning economist Paul Krugman believes. Now, Krugman in a recent podcast with the New York Times, who he also works for, obviously said that a lot of voters, of course, voted based on economic anxiety, and that is what it was. They were unhappy with the current state of the economy. They ignored the gains that we had made under the Biden administration. They wanted things to be better than they are, even though we are on the right track, they thought we were on the wrong track. So they switch tracks to Donald Trump and Krugman says that's gonna come back and bite them in ways that they don't even realize. Here's what Krugman said during this podcast as an economist. There's a great irony here, which is that the biggest single factor in Trump's victory was the fact that there was a burst of inflation.
It's in the rear view mirror now, but people are still annoyed at how much things cost. And yet, Trump's economic program, as far as we can tell, is the most inflationary program probably that any American president has ever tried to implement. So the food on your table is largely put there by immigrants, many of whom will end up being deported. What's going to happen is that farm owners are going to have to pay much, much higher wages to get people to do those jobs, which the farmers will have to pass on in the form of higher prices. And that, of course, is just one area, right? And by the way, yes, that is something we have seen in states that have implemented, implemented, excuse me, tougher immigration policies than what the federal government does. What they saw was that farms either had to raise their prices because they had to pay more for labor, or the farms just left vegetables and fruits rotting in the fields because nobody was available to do the jobs.
That actually happened in Georgia. I believe it was 2012, uh, maybe a year or two off on that. But yes, we have seen states try to do this and it backfired horribly, and they all ended up reversing their policies when they realized what an economic drain it was. Trump won't do that. He absolutely will not do that, and it is going to screw us over because we have examples from the past to look at how bad this is. But Krugman says that's not the only thing. He worries that Trump will move to interfere with the Federal Reserve if it starts to raise interest rates again in the face of higher inflation. Krugman says, I have very little reason to believe that Trump will acknowledge that his policies are actually producing inflation, much more likely that he'll start putting pressure on government statistical agencies to report better numbers. That is what autocratic regimes have done around the world in the past. In other words, Krugman says that when everything goes to, Trump's just gonna force the government agencies to lie to us about how great things really
Are. So all of those voters who voted on economic anxiety, who voted based on inflation thinking Biden wasn't doing enough, it's gonna come back to hurt you. And I know that people, you know, hearing this right now, I think y'all are all split. I think it's like 50 50, 50% of you are like, good. These people deserve it. And the other half are like, yeah, I mean, they deserve it, but it's still horrible and we don't want it to happen. I mean, really, you look on, so the reason I say this, 'cause you look on social media, that kind of, those are the two reactions, right? You have the Accelerationist who are like, good, burn it all to the ground. These people get what they deserve.
