Not to mention the charts show when a lot of the prices started soaring — strange how you can trace a lot of them to starting to go up after the end of January. I wonder what was happening then?

Now, of course, if President Donald Trump were in office, Krugman would be screaming his head off about how we were heading for the dumpster because of this. But now, under Biden, “not a big deal” and “transitory blip.”

If we apply our basic principle about Krugman being wrong, then unfortunately that means we may need to start worrying.