Paul Krugman

Paul Krugman @paulkrugman

I was wrong about the politics, because inflation created bad feelings. But maybe not as much as pundits expected. About 60% of voters who said the economy was "not so good" voted for Democrats 6/ https://t.co/DCxtpHxR2y — PolitiTweet.org

Paul Krugman @paulkrugman

But another measure, from the Conference Board, tells a very different story: current conditions down a bit, but only to ~2017 levels 5/ https://t.co/XuypIHCCOq — PolitiTweet.org

Paul Krugman @paulkrugman

Still, inflation has surged. And people are miserable about the economy. Or are they? One measure says yes 4/ https://t.co/LJUG4ax2SS — PolitiTweet.org

Paul Krugman @paulkrugman

Although inflation has created a lot of anger, it hasn't prevented a rise in real consumption, i.e., a higher average standard of living 3/ https://t.co/FrlKeR1yEh — PolitiTweet.org

Paul Krugman @paulkrugman

Although inflation has spurred a lot of anger, it hasn't prevented a rapid recovery of real consumption — i.e., the average standard of living has rebounded 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Here's employment, which did in fact experience a V-shaped recovery that contrasted with sluggish recovery after the 2008 crisis 2/ https://t.co/w2jXgiLorU — PolitiTweet.org

Paul Krugman @paulkrugman

Revisiting an article from two years ago I get a lot of grief over, in which I predicted a V-shaped recovery from the pandemic slump. The funny thing is that on the economics I was ... right 1/ https://t.co/qdmMFN54L2 — PolitiTweet.org

Paul Krugman @paulkrugman

RT @charles_gaba: I’ve said it before: He thinks he’s the next Steve Jobs when he’s actually twilight-years Howard Hughes. — PolitiTweet.org

Paul Krugman @paulkrugman

The point is that being ultra-rich was always dangerous to one's mental health. But these days it matters more to the rest of us than it did in a more equal society 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

True, a billion $ isn't what it used to be: nominal GDP up by a factor of ~20, total wealth somewhat more. But Musk's spending power is still much bigger relative to America than Getty's was. So his solipsism can do far more damage than that of billionaires past 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

To put some numbers to it: 50 years ago J.Paul Getty was America's richest man, and a very strange guy. But he was worth "only" ~$2 billion. Until recently Musk was worth >100X times that. 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

One thing I haven't seen discussed, however, is how inequality has magnified the influence of paranoid plutocrats. There have always been super-rich people disconnected from reality; that's what being surrounded by sycophants can do. But they matter much more now 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

Watching the world's richest man descend ever deeper into the Q-hole has been amazing. I blame economic anxiety 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

Gah. Screenshotted so I could cross post on Mastodon, forgot to do it differently here. — PolitiTweet.org

Paul Krugman @paulkrugman

Facts may not matter politically, but the gas price panic was way overdone 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

And as some have pointed out to me, mileage has risen a lot over time, so the actual cost of driving isn't especially high at all 3/ https://t.co/ZMTWdTQcyi — PolitiTweet.org

Paul Krugman @paulkrugman

Taking the historical perspective, here's the gas price relative to wages, which is higher than 2014-2020, but not in a longer-term view 2/ https://t.co/krAZRRKLjn — PolitiTweet.org

Paul Krugman @paulkrugman

It's Thanksgiving weekend. I'm not driving, but many Americans are, confronting gasoline prices that ... aren't all that high 1/ https://t.co/TwL2ikJ6Hi — PolitiTweet.org

Paul Krugman @paulkrugman

RT @ThePlumLineGS: Yup: The House GOP leadership's real mission is to "wreak as much havoc as they can, both to appease their party’s most… — PolitiTweet.org

Paul Krugman @paulkrugman

RT @GasBuddyGuy: It's been 25 days since @TuckerCarlson reported that we'd run out of diesel in 25.9 days... and we have actually more dies… — PolitiTweet.org

Paul Krugman @paulkrugman

Didn't realize that Ron Jones had passed away. One of the greats of traditional trade theory. His "hat algebra" — analysis using proportional rates of change — was remarkably clarifying https://t.co/rlXrZgvkBy — PolitiTweet.org

Paul Krugman @paulkrugman

Didn't Trump insist that Joe Biden manipulated oil prices to keep them low until after the election? https://t.co/P9qNifMESc — PolitiTweet.org

Paul Krugman @paulkrugman

OK, that was a bit harder to do than it should have been: Mastodon is slow, and I haven't figured out how to paste text. But given what's happening to this site, it may be where I go, at least for now: https://t.co/ybVhwQxvAC — PolitiTweet.org

Paul Krugman @paulkrugman

Note that if this emerging consensus is right, US economic policy over the past 2 years will look pretty good in hindsight 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

Also growing belief that Phillips curve is nonlinear: inflation responds a lot to rising demand when economy running hot, but also probably falls rapidly when economy cools off 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

Shelter in turn dominates various measures of core inflation. GS chart; note that shelter dominates median inflation even when it’s not the median — see note at the bottom 4/ https://t.co/y1wwuByVVf — PolitiTweet.org

Paul Krugman @paulkrugman

It’s more than one good inflation print. Growing realization that a lot of official inflation is driven by shelter, which is very much a lagging indicator. Here’s BLS rent v Zillow (which itself is a 3m moving average, and hence lags a bit) 3/ https://t.co/4XMPFb1084 — PolitiTweet.org

Paul Krugman @paulkrugman

So, I’ve been noticing a real change in tone in online discussion of inflation (by sophisticated observers). Suddenly more talk about inflation coming down pretty fast, maybe without a recession. Why, and is it justified? 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

OK, gonna start dual-posting on Twitter and Mastodon. Let’s see if this works. 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

Not just wrong about Bitcoin, but wrong about gold — its price isn't determined by inflation, but by real interest rates. It surged in the deflationary environment after 2008 because real returns on everything else were low — PolitiTweet.org