Paul Krugman

@paulkrugman ↗

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Last Checked Nov. 21, 2022

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Fri Dec 18 14:49:14 +0000 2020

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Paul Krugman @paulkrugman

State and local economies, however, are more likely to experience permanent adverse shocks, when, say, a principal industry like coal in WV or minicomputers in MA in the 1980s goes into long-term decline 4/ — PolitiTweet.org

Posted Dec. 18, 2020 Hibernated

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Paul Krugman @paulkrugman

My take is that the difference from the federal rules is ultimately driven by the difference in likely permanence of economic shocks. The nation as a whole can be expected to bounce back from a recession, which means that revenue will return 3/ — PolitiTweet.org

Posted Dec. 18, 2020 Hibernated

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Paul Krugman @paulkrugman

In the national economy, new industries arise to take declining industries' place. At a state level, the adjustment to adversity may involve workers just moving somewhere else, hence permanent loss of revenue. So less leeway to borrow across a gap 5/ — PolitiTweet.org

Posted Dec. 18, 2020