With inflation worse than he predicted, NY Times' Krugman admits: 'I was wrong', a 'lesson in humility'

New York Times columnist Paul Krugman admits he was was "wrong" for predicting that inflation rates would never be this high, even after massive Biden spending.

Gabriel Hays is an associate editor at Fox News. Follow him on Twitter at @gabrieljhays.

Krugman began by recounting the "intense debate among economists about the likely consequences of the American Rescue Plan, the $1.9 trillion package enacted by a new Democratic president and a (barely) Democratic Congress." He mentioned how he originally didn’t see the massive government spending bill as that dangerous for the economy.

"Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call," he confessed.