Paul Krugman

Paul Krugman @paulkrugman

But the savings rate didn't rise; people just found other things to buy. The same will eventually happen for whatever activities we can't resume post-Covid 8/ — PolitiTweet.org

Paul Krugman @paulkrugman

Tobacco products were a big part of consumer spending, and mostly went away 7/ https://t.co/2ovxnv7vrA — PolitiTweet.org

Paul Krugman @paulkrugman

But in the longer run, even if we don't have a vaccine and can resume traditional activities, people will find other ways to spend their money. Here's a historical example: what happened to tobacco spending when health concerns led to much lower smoking? 6/ https://t.co/Vds5dcQbQB — PolitiTweet.org

Paul Krugman @paulkrugman

That's why it was so important from a macro point of view to provide generous aid to the pandemic-unemployed, and why disaster looms now that the aid has vanished 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

Anyway: people who couldn't go to bars or take cruises could have just splurged on other things. As it turned out, however, mostly they saved — so far. 4/ https://t.co/98ufzWI52w — PolitiTweet.org

Paul Krugman @paulkrugman

And oh my God, I managed to misspell Kamala. Can't even blame autocorrect, just sloppy typing. KAM - a -la, Kam - a - la 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Covid changes both what we buy and how we work. A few things to say about both aspects. First, the pandemic basically forced us to stop spending on some things. But what would we do with the money? Spend on other things, or save? 2/ https://t.co/FsVa0OENRi — PolitiTweet.org

Paul Krugman @paulkrugman

The news is all Kalama, and rightly so, but let me counterprogram and talk about economics. Over the next few weeks I'm scheduled to talk everywhere and nowhere about the post-Covid economy — that is, audiences in various places, but all virtually. What is there to say? 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

So, do you want to know what I think about the choice of Harris? No, of course you don't. You have no idea how much peace of mind that gives me. — PolitiTweet.org

Paul Krugman @paulkrugman

In 2018, according to the Rockefeller Institute, KY received $45 billion more in federal expenditures than it paid in federal taxes. That was more than 20% of state GDP https://t.co/nV7lcjeur5 — PolitiTweet.org

Paul Krugman @paulkrugman

Also the Thirty Years' War and the War of the Spanish Succession. — PolitiTweet.org

Paul Krugman @paulkrugman

We need leadership. Instead we have a pitchman hawking snake oil from his country club https://t.co/yv2D8CKklD — PolitiTweet.org

Paul Krugman @paulkrugman

"Trump’s unemployment benefit boost would be a new program that could take months to set up." Trump's CCSP — Country Club Stimulus Plan — is policy theater, not actual policy https://t.co/QUJzfRxXSV — PolitiTweet.org

Paul Krugman @paulkrugman

Illustrated here 2/ https://t.co/9M6RKWmnqL — PolitiTweet.org

Paul Krugman @paulkrugman

It's in the Book of Armaments, Chapter two, verses nine through twenty-one 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

America's uniquely disastrous coronavirus response was about politics — a vicious incompetent in the White House an… https://t.co/1DBMhiCKIE — PolitiTweet.org

Paul Krugman @paulkrugman

Of course there's a great deal of hardship; many businesses have already gone under, and the end of unemployment su… https://t.co/YxsLGMFujx — PolitiTweet.org

Paul Krugman @paulkrugman

And life is going on. Stores are open; no indoor dining but many restaurants have expanded outdoor seating into for… https://t.co/UOAJ6UHp6E — PolitiTweet.org

Paul Krugman @paulkrugman

Not, in the end, all that different from, say, Belgium, even adjusting for somewhat smaller population 3/ https://t.co/RtOR4ISHUP — PolitiTweet.org

Paul Krugman @paulkrugman

Deaths were very high in the beginning, partly because we didn't know how to contain Covid-19, partly because of bi… https://t.co/K5ecHZH5OB — PolitiTweet.org

Paul Krugman @paulkrugman

I'm not sure how many people realize that New York, after a terrible start, now looks like European nations that ha… https://t.co/kdMdji9tLQ — PolitiTweet.org

Paul Krugman @paulkrugman

I honestly don't know whether to be terrified or to remember that these were the people whose "cubic model" said th… https://t.co/k0izuCF3BH — PolitiTweet.org

Paul Krugman @paulkrugman

RT @ArthurDelaneyHP: Trump didn’t extend unemployment benefits yesterday. He told states to set up a “lost wages assistance program” in c… — PolitiTweet.org

Paul Krugman @paulkrugman

So this is just about the worst policy idea I've seen since, um, telling people they don't need to wear masks 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

So no reason to believe employers will create jobs; they can't. Nor will they raise wages. Why should they, when wo… https://t.co/rYAoAAhQqn — PolitiTweet.org

Paul Krugman @paulkrugman

But none of this relevant now. Employers not on their normal demand curve, bc they are shut by pandemic. Worker sup… https://t.co/GfuXmeD5hR — PolitiTweet.org

Paul Krugman @paulkrugman

Here's the Econ101 logic. Demand for workers depends on cost, which includes wage plus payroll contribution. Supply… https://t.co/7eV8Jwy3Xh — PolitiTweet.org

Paul Krugman @paulkrugman

Econ 101 says that in the long run, under normal conditions, payroll tax cuts r passed on to workers in higher wage… https://t.co/UE02BdI0er — PolitiTweet.org

Paul Krugman @paulkrugman

As I said, payroll tax cuts are the hydroxychloroquine of economic policy. But let me nerd out a bit on exactly why… https://t.co/v108OnsZYc — PolitiTweet.org

Paul Krugman @paulkrugman

Very good summary of why Trump's quack medicine for the economy won't do anything positive https://t.co/9ry3rgqFQX — PolitiTweet.org