Paul Krugman

@paulkrugman ↗

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Last Checked Sept. 24, 2022

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Wed Aug 24 17:10:36 +0000 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

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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

The argument "but it will be inflationary" seems so obviously wrong, so inconsistent with the math, that, as I said, it's baffling. Maybe people who oppose this move on other grounds are just going for the cheap shot? 4/ — PolitiTweet.org

Posted Aug. 24, 2022