Paul Krugman

@paulkrugman ↗

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Last Checked Dec. 15, 2021

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Thu Oct 28 16:49:31 +0000 2021

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Paul Krugman @paulkrugman

The main reason Dems want a deficit-neutral bill — whereas Rs have no qualms about unfunded tax cuts — is that Joe Manchin seems to think deficits are important. But they aren't, in a world of negative real interest rates 3/ — PolitiTweet.org

Posted Oct. 28, 2021

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Paul Krugman @paulkrugman

Assuming Dems get past this, one remaining question is whether the pay-fors will actually work — whether tax hikes and improved enforcement will actually cover the cost of new spending. But the key point here is that *it doesn't matter* 2/ — PolitiTweet.org

Posted Oct. 28, 2021

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Paul Krugman @paulkrugman

So the pay-fors are there to satisfy a political need, not to solve an economic problem. If they deliver as much revenue as promised, good; but if they don't, they'll still have done their job by making desperately needed spending politically possible 4/ — PolitiTweet.org

Posted Oct. 28, 2021