Paul Krugman

@paulkrugman ↗

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Last Checked March 16, 2022

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Fri Feb 11 14:47:03 +0000 2022

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Paul Krugman @paulkrugman

Unfortunately — as elaborated on in the newsletter later today — there's a popular argument to the effect that government spending is always inflationary; certainly Joe Manchin is using that as an excuse for blocking BBB. So emphasizing the Fed's role ends up being crucial 5/ — PolitiTweet.org

Posted Feb. 11, 2022

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Paul Krugman @paulkrugman

What about fiscal policy? It's not going to be a big factor, partly because even if BBB is salvaged it won't provide a lot of short-term stimulus, partly precisely because the ability to control inflation with monetary policy allows fiscal policy to focus on the long run 4/ — PolitiTweet.org

Posted Feb. 11, 2022

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Paul Krugman @paulkrugman

Now, there are some people who imagine themselves to be on the left arguing that monetary policy doesn't work or that rate hikes actually increase inflation; I'd say that's what the MMTers are saying except that they'd surely insist that I just don't get it 6/ — PolitiTweet.org

Posted Feb. 11, 2022