The Emperor’s New Clothes

Paul Krugman: “Republicans have an affordability problem. During the 2024 campaign Donald Trump promised to reduce prices beginning on “Day One,” and promised specifically that he would cut energy prices in half. He has instead presided over rising inflation — the Federal Reserve’s preferred measure is running almost a percentage point higher than it was when he took office — and his Iran debacle has caused a spike in gasoline and diesel prices.”

“A normal political party would respond to this problem by trying to solve it. OK, some blame-shifting — attributing rising prices to forces beyond the president’s control or insisting that current problems were caused by the previous administration’s policies — would also be par for the course.”

“But MAGA is trying to deal with its affordability crisis simply by denying reality. Over the past few days multiple prominent Republicans have gone on TV to insist that gas prices are falling.”