Nobel laureate and well-known economist Paul Krugman has highlighted the growth of the economy during the Biden administration, noting that the media missed the “pretty good reality.”

“So, if your picture of the economy comes entirely from headlines and cable chyrons — which is probably true for many — then you would know that the economy has grown 6.7% so far under Biden and inflation has been 1% over the last 6 months .9% fraud?” Krugman tweeted.

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Krugman’s tweet follows the publication of the US fourth quarter GDP figure on Thursday This showed that the economy grew an estimated 2.9%, beating expectations of 2.6% growth, prompting gains for major Wall Street indices. the SPDR S&P 500 ETF Trust SPY closed 1.1% higher during the Invesco QQQ Trust Series 1 QQQ 1.95% gained.

“We can talk about a possible future recession and that underlying inflation could be higher than headline inflation. But that’s more speculation than reporting, and at least debatable. It’s hard to argue against the claim that the media missed the pretty good reality,” Krugman said.

Last week he explains how the great deceleration Inflation in the second half of 2022 “hasn’t entered the public consciousness” as many people still believe price increases are going wild.

money supply: The fight against inflation led to aggressive rate hikes by the federal reserve has led to a contraction in the M2 money supply, the central bank’s main measure of the country’s money supply. It fell for the fifth straight month in December, falling a record $147.4 billion from the previous month to a seasonally adjusted $21.2 trillion, Reuters reported, citing central bank data.

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photo via the Commonwealth Club on Flickr