Paul Krugman

@paulkrugman ↗

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Last Checked Sept. 24, 2022

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Wed Aug 24 17:08:13 +0000 2022

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Paul Krugman @paulkrugman

First, the US is a very big economy. Any impact of this forgiveness on spending will be small relative to GDP. If you want to compare with the Rescue Plan, this is roughly 1/10 the size, with effects likely to be spread over multiple years. Just not big in macro terms 2/ — PolitiTweet.org

Posted Aug. 24, 2022

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Paul Krugman @paulkrugman

There are arguments against Biden's student loan forgiveness plan — is this the best use of ~$200 billion? Is it fair to those without such debt? Also arguments for, which I'll have more to say about. But all the talk about inflation is fairly baffling, for two reasons 1/ — PolitiTweet.org

Posted Aug. 24, 2022

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Paul Krugman @paulkrugman

Second, to the extent that deficit spending was inflationary in 2021, it was because the Fed was accommodative — complacent about inflation (yes, like me) and unwilling to raise rates. These days, any expansionary impact, if there is one, will be offset by monetary tightening 3/ — PolitiTweet.org

Posted Aug. 24, 2022