Paul Krugman

@paulkrugman ↗

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Last Checked Sept. 16, 2022

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Wed Aug 17 17:07:05 +0000 2022

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Paul Krugman @paulkrugman

I'd add that among the political constraints is the reality that if you do clever things to compensate voters who lose from taxes ... they won't notice. E.g., schemes to neutralize the impact of carbon taxes with lump-sum transfers were just naive about how much voters know 3/ — PolitiTweet.org

Posted Aug. 17, 2022

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Paul Krugman @paulkrugman

On the other hand, given those externalities, a carbon tax alone wouldn't be first-best either. If there were no political constraints, we'd probably want a mix of emissions taxes and industrial policy. But you can't ignore those constraints; getting the IRA is a miracle 2/ — PolitiTweet.org

Posted Aug. 17, 2022

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Paul Krugman @paulkrugman

So legislation that, from the point of view of the middle class, is all positives was arguably the only way to go right now — and it so happens to be not-terrible economics. I'd hope we can do more eventually, but am amazed that we got this much now 4/ — PolitiTweet.org

Posted Aug. 17, 2022