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Paul Krugman @paulkrugman
Let's also be clear that concerns about the economic effects of deficits in a depressed economy persist, to the extent they do, in the teeth of all evidence 2/ https://t.co/Zb4a7Gt94r — PolitiTweet.org
Paul Krugman @paulkrugman
Can we get real here? There's no evidence that the GOP base cares about deficits or excess spending per se. The Tea Party wasn't a rebellion against deficits — it was a rebellion against spending to help poor people and minority groups 1/ https://t.co/MTR23FL2HF — PolitiTweet.org
Paul Krugman @paulkrugman
Remember, these guys are supposed to be overseeing economic recovery. Probably planning to achieve it by injecting Lysol 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
3 months ago 3/ https://t.co/3zzOeoCGwp — PolitiTweet.org
Paul Krugman @paulkrugman
Sorry, 2 months 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
One month ago 1/ https://t.co/9hj6GKoFFD — PolitiTweet.org
Paul Krugman @paulkrugman
If Biden wins, expect the usual suspects to party like it's 2009, warning about bankruptcy and hyperinflation as if none of the previous decade happened 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
Second, Republican deficit concern is fake and always was. They had no qualms about an unfunded $2 trillion tax cut for corporations and the wealthy; but now that we're talking about helping stressed state governments, debt is evil again 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
Two key points. First, the belief that rising debt inevitably leads to crisis is a zombie idea, which no amount of evidence and experience can change. CBO current projects a deficit of 18% of GDP, and real interest rates are negative — but the zombie shambles on 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
No. This is your latest edition of simple answers to simple questions 1/ https://t.co/cF1cpu1ppB — PolitiTweet.org
Paul Krugman @paulkrugman
Of course I could be wrong. But right now my sense is that, to turn the pundit cliche on its head, yesterday was the day Trump stopped being president 5/ — PolitiTweet.org
Paul Krugman @paulkrugman
And I have the feeling — which is all that it is — that suggesting that people inject themselves with disinfectant may in its own way be the comparable moment, when even the true believers run out of excuses 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
But Katrina somehow was the defining moment. Some of us had long understood Bush's inadequacy, but "Heckuva job, Brownie" as scenes of devastation played on TV broke through the denial 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
Those who went through the Bush years may remember how scandal after scandal, policy failure after policy failure, didn't seem to stick. The debacle in Iraq dented Bush's popularity, but not nearly as much as it should have 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
I could be wrong, but somehow the Lysol moment feels like it could be a psychological turning point — the moment when even a lot of Trump diehards face up to his essential unfitness 1/ — PolitiTweet.org
Paul Krugman @paulkrugman
Q for political scientists: how would you handle this in a fundamentals model of the election? Usually growth in the few quarters before the election drive results, but a terrible slump in 2nd quarter followed by partial recovery in 3rd (maybe) implies ... what?2/ — PolitiTweet.org
Paul Krugman @paulkrugman
CBO is making educated guesses, like the rest of us. But looks reasonable and also terrible. Special praise: they provide actual quarterly changes in addition to annualized rates, which are deeply misleading right now 1/ https://t.co/e1B2CRNqRD https://t.co/fYmd3exKsn — PolitiTweet.org
Paul Krugman @paulkrugman
RT @nytopinion: . @PaulKrugman responded to readers commenting on his column "McConnell to Every State: Drop Dead." Read their exchanges he… — PolitiTweet.org
Paul Krugman @paulkrugman
But pretty soon we'll have people who tried to kill the coronavirus by drinking bleach 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
I'm a big fan of The Darwin Awards; until now my favorite was for the guy who tried to clean the chemical toilet in his RV by pouring in bleach 1/ https://t.co/68RCeeo1vc — PolitiTweet.org
Paul Krugman @paulkrugman
Anyone who expects Trump to honor his promises on anything deserves what he gets. — PolitiTweet.org
Ronald Brownstein @RonBrownstein
AP: "The president spoke to [GA Governor] Kemp more than once about the plan and both Trump and Pence called Kemp o… https://t.co/0jDv1aBcSw
Paul Krugman @paulkrugman
Right now it looks as if we're bungling the policy side pretty badly. Some people are getting their unemployment money, but many have yet to see a dime. Business loans largely going where they're needed least. And, of course, McConnell 10/ https://t.co/n9EpwCCwjB — PolitiTweet.org
Paul Krugman @paulkrugman
Last but definitely not least, POLICY. A lot depends on whether workers in businesses in the affected sector get enough relief to continue buying low-contact goods — and also whether state and local governments are forced into harsh austerity 9/ — PolitiTweet.org
Paul Krugman @paulkrugman
Apparently the same is true for things like meat and eggs: restaurants buy big hunks and giant pallets, and producers can't instantly switch over to supermarket-friendly packaging 8/ — PolitiTweet.org
Paul Krugman @paulkrugman
On the supply side, the toilet paper effect turns out to be more widespread than you might have thought. You might think doing your business at home instead of the office requires no more than a simple reallocation, but it turns out that commercial buyers use different paper 7/ — PolitiTweet.org
Paul Krugman @paulkrugman
People who can't go out to restaurants are in fact buying more groceries and booze, ordering more from Amazon, etc. However, they're buying less gasoline even though gas stations are open, fewer cars. Net effect still unclear 6/ — PolitiTweet.org
Paul Krugman @paulkrugman
On consumer behavior, the question is to what extent people respond to inability to buy some goods by buying more of others, as opposed to just saving the money. This can go either way — in fact, it's going both ways depending on what we're talking about 5/ — PolitiTweet.org
Paul Krugman @paulkrugman
The question — as illustrated by the question marks in the figures — is whether and to what extent this spills over into a reduction in demand for low contact goods and services. This depends on policy, consumer behavior and maybe some supply-side issues 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
What we've done — what we have to do — is shut down high contact activities, so that no money is spent on those goods and services 3/ https://t.co/67RSpS0e1R — PolitiTweet.org
Paul Krugman @paulkrugman
Think of the economy as two sectors: high-contact stuff that spreads the virus and must be locked down, and other stuff. In normal times money flows freely in all directions 2/ https://t.co/8TGKqayP3K — PolitiTweet.org