Paul Krugman

Paul Krugman @paulkrugman

RT @nytopinion: "Republicans have largely forgotten how to govern," @PaulKrugman writes. "They no longer know how to think through hard cho… — PolitiTweet.org

Paul Krugman @paulkrugman

RT @CitizenCohn: Republicans have completely lost the ability to compete on, argue about policy. By @paulkrugman https://t.co/1E9YrDDlDV — PolitiTweet.org

Paul Krugman @paulkrugman

Democrats know what they want to achieve and are willing to put in the work to make it happen. Republicans don’t and aren’t. https://t.co/Dl1sEKBS3P — PolitiTweet.org

Paul Krugman @paulkrugman

Well, it's not as if Biden has overseen a $1.9 trillion economic package or a massive vaccination effort ... — PolitiTweet.org

Paul Krugman @paulkrugman

Big news. Enormous even. https://t.co/LDoj31kCDE — PolitiTweet.org

Paul Krugman @paulkrugman

So really nothing. There was a brief net inflow of foreign direct investment, but it was pure leprechaun — a statistical illusion created by slightly reworked accounting in response to changed tax incentives. Nothing real 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

Real nonresidential fixed investment ex mining (which is noisy because of oil price/fracking stuff) 3/ https://t.co/sGLtcWadvE — PolitiTweet.org

Paul Krugman @paulkrugman

Was there any break in the trend in business investment after a very large tax at end 2017? No 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

What is Yellen talking about here? Look at the data 1/ https://t.co/JNR4Cslwrj — PolitiTweet.org

Paul Krugman @paulkrugman

The problem with this as a metaphor for where we are is that it applies to practically everything — PolitiTweet.org

Paul Krugman @paulkrugman

The point though is that as far as how to think about macro, the wars are over: the Keynesians won, and only charlatans, cranks, and WSJ opinion writers (but I repeat myself) are on the other side 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

But that view isn't based on deep principles; it's a judgment call. And I can understand where concerns about overheating come from (although puzzled why they don't think the Fed can deal with the issue) 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

My side argues that the multiplier on this big fiscal expansion will be relatively low, because it's not designed as stimulus; that's also what the Fed and private forecasters are in effect saying; and so overheating won't be large 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

And that framework is IS-LM-ish macro, where deficit spending is expansionary at a given interest rate. The question is how expansionary. And that's a subject for dispute mainly because we are in uncharted policy territory 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

This time we really are all Keynesians now — or at any rate nobody is listening to the people who insisted austerity is expansionary, all unemployment is structural, etc. Summers, Blanchard, Yellen and yours truly are working in pretty much the same framework 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

So actually I think Noah, unusually, has this mostly wrong. These macro wars are very different from those of 2011; the debates are about numbers, not principles — basically because the big conceptual issues were settled when one side won 1/ https://t.co/PufV1KJaVY — PolitiTweet.org

Paul Krugman @paulkrugman

Yes, they will. But that tells you more about the uselessness of bipartisanship as a goal in and of itself than about reflecting the will of the people 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

So when Democrats give in to the 70-80% of voters who think we should be spending more on infrastructure, th 62% who think the rich should pay more taxes (69% say the same about corporations), will they be lambasted for not being bipartisan? 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

So are higher taxes on the rich 2/ https://t.co/Y2x32FbfBY — PolitiTweet.org

Paul Krugman @paulkrugman

As Biden moves toward Phase 2, infrastructure spending paid for in part by taxes on the rich, he'll once again be doing very much what the public wants. Infrastructure is very popular 1/ https://t.co/fDHXLppPmz — PolitiTweet.org

Paul Krugman @paulkrugman

RT @arappeport: Yellen dismisses the benefit of the TCJA slashing of the corporate tax rate: "I don't think it had a very substantial impa… — PolitiTweet.org

Paul Krugman @paulkrugman

RT @GagnonMacro: For those worried about bond yields. Good news: inflation compensation is not signaling inflation above the Fed's target.… — PolitiTweet.org

Paul Krugman @paulkrugman

Point, counterpoint https://t.co/B7GJlQeUKV — PolitiTweet.org

Paul Krugman @paulkrugman

Still amazed at how many correspondents remain sure that printing money always causes inflation. It's like the govt debt is the same as household debt thing; too plausible to check against the facts https://t.co/pLrxJfUbqk — PolitiTweet.org

Paul Krugman @paulkrugman

Taxes surely have *some* effect on incentives. But their main effect is on the incentive to hide income 5/ https://t.co/DxUEphnTVT — PolitiTweet.org

Paul Krugman @paulkrugman

Also, wanna see the dramatic effect of the corporate tax cut on business investment? Sorry, no dice 4/ https://t.co/S8ptEJn4Bg — PolitiTweet.org

Paul Krugman @paulkrugman

And here's what we get. See the job-killing effect? Neither do I 3/ https://t.co/PFGzcTMwxb — PolitiTweet.org

Paul Krugman @paulkrugman

Significant rise in 2013, bc Obama allowed some Bush cuts to expire and new taxes for ACA. Then significant cut in 2017 as TCJA went into effect. I use CBO projections for 2021 as basis for post-2016 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

A lot of this is reversing the Trump tax cut; McConnell is already denouncing it as "job-killing". So maybe worth looking at recent effects of tax changes for the 1% 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

A few months of rising prices won't mean the 70s are back https://t.co/It7Z8dyQMK — PolitiTweet.org