Paul Krugman

@paulkrugman ↗

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Last Checked Jan. 12, 2021

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Fri Dec 18 14:50:40 +0000 2020

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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

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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

But here's the thing: this time around we know that the pandemic is a temporary shock, which means that state and local government *should* be borrowing to cover part of the temporary fiscal gap 6/ — PolitiTweet.org

Posted Dec. 18, 2020 Hibernated