Much though I am skeptical of any application of economic thinking to planning the long term, I am convinced that there are some people with substantial economic knowledge about how the year-to-year process works, and that Paul Krugman is one of them.
Unfortunately, like so many other people nowadays, he has to cope with denialsm:
Back to the evidence versus the orthodoxy. I can, in a way, understand refusing to believe in global warming — that’s a noisy process, with lots of local variation, and the overall measures are devised by pointy-headed intellectuals who probably vote Democratic. I can even more easily understand refusing to believe in evolution. But the failure of predicted inflation to materialize is happening in real time, right in front of our eyes; people who kept believing in inflation just around the corner lost a lot of money. Yet the denial remains total.
Welcome to the club.
On the other hand, I predicted inflation too. :>} Where did I go wrong, I wonder?