Paul Krugman

@paulkrugman ↗

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Last Checked April 13, 2021

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Wed Mar 17 13:03:30 +0000 2021

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Paul Krugman @paulkrugman

No, austerity isn't expansionary; no, there isn't a growth cliff at a debt ratio of 90 percent. Nothing in standard macro suggested either of these things should be true. All that supported them was bad statistical analysis and the political will to believe 5/ — PolitiTweet.org

Posted March 17, 2021

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Paul Krugman @paulkrugman

It was actually quite weird: there was a lot of innovative, creative economic analysis — all of which turned out to be dead wrong — being deployed FOR austerity, which conventional macro rightly said was a really bad idea 4/ — PolitiTweet.org

Posted March 17, 2021

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Paul Krugman @paulkrugman

So part of what's happening is simply that the Biden team is actually listening to the economic consensus, rather than grabbing dubious doctrines that fit right-wing preconceptions. But it's also true that there have been some changes in theory 6/ — PolitiTweet.org

Posted March 17, 2021