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Paul Krugman

@paulkrugman ↗

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Last Checked July 8, 2022

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Mon May 30 06:10:08 +0000 2022

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Paul Krugman @paulkrugman

But European unemployment — which is structurally higher than US — is below pre pandemic. Core inflation was 1 percent in the last month. 3/ https://t.co/GVCYz8pO7O — PolitiTweet.org

Posted May 30, 2022

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Paul Krugman @paulkrugman

The narrative is that inflation in the US and the euro area are quite different. The US is overheated, with additional inflation from supply chain+Ukraine. Europe, the story goes, is all supply chain etc, bc it didn't have as much fiscal stimulus 2/ — PolitiTweet.org

Posted May 30, 2022

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Paul Krugman @paulkrugman

So actually the European story looks much more similar to the US than I thought. In both cases no reason to panic: no sign of inflation getting embedded, so what's needed is cooling-off, not a punishing recession. But it's really more or less the same story. 4/ — PolitiTweet.org

Posted May 30, 2022