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Paul Krugman @paulkrugman
And any notion that the Tea Party failed in its objectives is nonsense. It was all about racial animosity; and now they have a president who legitimizes and feeds that animosity. They don't care about deficits, and never did 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
Academic research confirms the obvious. The idea that the Tea Party had something to do with notions of fiscal responsibility was a fairy tale told by centrists who didn't want to acknowledge the true ugliness of the modern U.S. right. 2/ https://t.co/mEcIh8wqgY — PolitiTweet.org
Brendan Nyhan @BrendanNyhan
Evidence from Michael Tesler's Post-Racial or Most-Racial on how the Tea Party was actually highly racialized and l… https://t.co/uXgphJ09TB
Paul Krugman @paulkrugman
Oh, God. Are we still pretending that the Tea Party was about small government and concern about budget deficits? It was always, from the beginning, about racial anger; opposition to big government only to the extent that it helps Those People 1/ https://t.co/TI90hLoMsQ — PolitiTweet.org
Paul Krugman @paulkrugman
Good and easy to win https://t.co/LnwJiTmmnd — PolitiTweet.org
Paul Krugman @paulkrugman
Tell me again why farmers voted for a guy who loves trade wars? https://t.co/HH6Tm3D1Of — PolitiTweet.org
Paul Krugman @paulkrugman
So farmers were voting for someone almost certain to make them poorer. They were also voting for people who despise them, although they'll be the last to admit that they were fooled 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
Economically, however, agriculture is one of our most globalized sectors, hugely dependent on export markets, and China in particular. Unlike traditional manufacturing, it has been a huge beneficiary from globalization 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
Demographically, rural America is MAGA embodied: still overwhelmingly white, relatively few immigrants — looks like America in the 1950s 2/ https://t.co/hpVm94S9g9 — PolitiTweet.org
Paul Krugman @paulkrugman
Rural support for Trump was always based in large part on farmers' misunderstanding of their own interests 1/ https://t.co/Iql1qvfoBK — PolitiTweet.org
Paul Krugman @paulkrugman
What surprises me is the way stocks bounce back at any hint of Trump sanity. It's the repeated triumph of hope over experience https://t.co/lE2GTzQcYF https://t.co/xLgndJ2cgN — PolitiTweet.org
Paul Krugman @paulkrugman
The US is getting close to Smoot-Hawley level tariffs on China. China's response has been surprisingly measured so far https://t.co/YWI9AXh7rL — PolitiTweet.org
Paul Krugman @paulkrugman
What's Trump's policy? Nobody knows, him least of all, and that's a big problem for the economy https://t.co/h5Esacr37h — PolitiTweet.org
Paul Krugman @paulkrugman
RT @nytopinion: "The 'very stable genius' in the Oval Office is, in fact, extremely unstable, in word and deed," says @PaulKrugman. "And hi… — PolitiTweet.org
Paul Krugman @paulkrugman
RT @GC_CUNY: Are we headed toward a recession? @paulkrugman weighs in on @cunytv and shares one proposal he says could help the economy htt… — PolitiTweet.org
Paul Krugman @paulkrugman
Actually Paul Waldman .... — PolitiTweet.org
Paul Krugman @paulkrugman
Serious question about the trade war: what does Trump even want from China? What are the demands any Chinese government could possibly meet? (The bilateral trade balance isn't a policy variable) What would "winning" even look like? — PolitiTweet.org
Paul Krugman @paulkrugman
But what it does do is frighten *US business*, which doesn't know where Trump will go next. The result is to freeze plans for business expansion and depress our own economy. 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
For it isn't working as a way of pressuring China; as Greg Sargent says, Trump has zero understanding of the political economy (and even Greg doesn't mention the importance of Chinese nationalism) 3/ https://t.co/uQenVQQoQR — PolitiTweet.org
Paul Krugman @paulkrugman
The idea was that this would make foreign adversaries cautious. A questionable theory even in context. But on trade policy it's an utter disaster 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
Showing my age: I've been thinking about Trump's approach to trade in terms of Nixon's "madman strategy" in foreign affairs: make people uncertain about how far you'll go as a negotiating tactic 1/ — PolitiTweet.org
Paul Krugman @paulkrugman
I knew that the G7 would be psychologically hard on Trump, bc it wouldn't let him engage in dominance displays. I didn't expect such a blatant, painful-to-watch retreat into a fantasy world https://t.co/3cir5DzFUz — PolitiTweet.org
Paul Krugman @paulkrugman
And if he's reelected it will be completely unrestrained crony capitalism — except the potential cronies won't want to put money down just yet, in case he isn't. Erratic authoritarians are bad for business, and business may be figuring that out 8/ — PolitiTweet.org
Paul Krugman @paulkrugman
How many businesses will start to wonder whether Trump will "hereby declare" that something they spent billions on is no longer allowed? He doesn't really have that authority, but has a lot of power to muck things up 7/ — PolitiTweet.org
Paul Krugman @paulkrugman
So it's really bad to have a president whose policy is based on his fluctuating moods, which in turn depend on what he saw on TV a few minutes ago. And this effect may extend beyond trade. 6/ — PolitiTweet.org
Paul Krugman @paulkrugman
What depresses demand and employment is *uncertainty*. Businesses that depend on imports and/or foreign markets don't want to invest bc Trump might expand trade war' businesses that compete with imports don't invest bc he might not. 5/ — PolitiTweet.org
Paul Krugman @paulkrugman
Case in point: Britain in the 1950s had high tariffs (>25 percent) https://t.co/Tb59kS4U9K but low unemployment 4/ https://t.co/HogL7pauHu — PolitiTweet.org
Paul Krugman @paulkrugman
The point is that while a stable protectionist regime makes an economy inefficient, it doesn't necessarily make it depressed. Fewer jobs in export industries, but more jobs in import-competing industries 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
There are two aspects to this story. One is that Trump really is melting down at the first hint of adversity. The other is that this kind of behavior is arguably more damaging than straightforward protectionism 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
The art of the flail: it seems as if Trump got spooked by market reaction to his tariffs, started to back down, then got furious over reports that he was backing down and reversed course again 1/ https://t.co/0HGdrdVUDs — PolitiTweet.org
Paul Krugman @paulkrugman
A thought: for someone like Trump, who lives for dominance displays — for "winning" and humiliating others — the G7 is a nightmare: a meeting of equals to discuss collective action to solve shared problems. And with things not so good at home, chance of an outburst high — PolitiTweet.org