Paul Krugman

@paulkrugman ↗

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Last Checked Nov. 21, 2022

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Fri Dec 18 14:51:58 +0000 2020

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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

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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

There are rules to prevent this, but there are also ways to circumvent these rules, at least to some extent. Ideally states wouldn't have to do this, bc aid from DC would make it unnecessary. But that's not going to happen, at least unless Dems win big in GA 7/ — PolitiTweet.org

Posted Dec. 18, 2020