Paul Krugman

Paul Krugman @paulkrugman

Self abasement. If I could do self abatement I probably would — PolitiTweet.org

Paul Krugman @paulkrugman

Or declaring that Bernanke was debasing the dollar to help Obama. All that self-abatement to curry favor with the right - and then Art fricking Laffer gets a presidential medal while they get nothing 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

Back in the USA and thinking about what it must be like for conservative economists who weren’t always total hacks but have sold their souls - eg backing crazy claims about tax cuts 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

There are many admirable things about France. Charles de Gaulle airport isn’t one of them. — PolitiTweet.org

Paul Krugman @paulkrugman

What it takes to get a Presidential Medal of Freedom https://t.co/LSMLv7Z0VZ — PolitiTweet.org

Paul Krugman @paulkrugman

Do I disapprove of Trump's methods? I don't see any method here. This is policy by tantrum, autocratic and irrational at the same time. I don't know whether it's about Mueller, or the likely release of some tax information, or whatever. I do know that the GOP will do nothing 8/ — PolitiTweet.org

Paul Krugman @paulkrugman

So this would be stagflationary: higher inflation plus lost jobs. Industry would howl. Also very nasty for U.S. farmers if Mexico retaliates. Plus we are, of course, throwing away any remaining credibility as a negotiating partner. 7/ — PolitiTweet.org

Paul Krugman @paulkrugman

OK, the economics: What we import from Mexico are a lot of consumer items, especially food items, plus Mexico is a key part of the supply chain in various manufactures, especially autos. So this would hurt U.S. consumers and also hurt competitiveness of U.S. companies 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

Could he, for example, impose punitive tariffs on Swiss watches because Swiss newspapers run cartoons that make fun of him? Why not? 5/ https://t.co/CMnUH5xnrh — PolitiTweet.org

Paul Krugman @paulkrugman

So he's claiming justification under the International Economic Emergency Powers Act, which he claims basically lets him do anything he wants in response to anything he declares to be an emergency. I don't see any limits under this interpretation 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

But imposing tariffs without Congressional approval to serve goals that have nothing to do with trade policy – in this case, an immigration crisis that exists only in his mind – goes well beyond even the brazenness of his previous actions 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Leave the economics on one side, and consider the supposed legal justification. U.S. trade law gives the president huge discretion to impose tariffs, as long as he is willing to make bizarre claims – i.e., Canadian steel threatens national security 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

So I wake up in my undisclosed location to see fresh policy madness. I think this needs some unpacking to appreciate just how wild it is. 1/ https://t.co/FXRSiuTTYz — PolitiTweet.org

Paul Krugman @paulkrugman

Very useful thread. Macro numbers are much fuzzier than many realize, and when different indicators disagree you should beware of drawing too strong a conclusion. I'd add that independent "tracking" estimates suggest a slowing economy. Maybe bond market funk makes sense — PolitiTweet.org

Paul Krugman @paulkrugman

One more point about low interest rates: real borrowing costs now just 1/2 percent, less than a third of potential output growth. It's crazy not to be investing heavily in infrastructure right now https://t.co/uJgkVxeY8y — PolitiTweet.org

Paul Krugman @paulkrugman

RT @TaxPolicyCenter: .@howard_gleckman's takeaway from the May Congressional Research Service report: "No, the tax cuts didn’t come remotel… — PolitiTweet.org

Paul Krugman @paulkrugman

From a Swiss newspaper https://t.co/QMAbdyuFz9 — PolitiTweet.org

Paul Krugman @paulkrugman

Blockchain: still a hammer looking for a nail https://t.co/2N4rcmdFpk — PolitiTweet.org

Paul Krugman @paulkrugman

This, by the way, is where I’m tweeting from. Normal service resumes next week https://t.co/tCMwZGfz0n — PolitiTweet.org

Paul Krugman @paulkrugman

I've been on this topic for more than 20 years! 2/ https://t.co/pqiykxl91l — PolitiTweet.org

Paul Krugman @paulkrugman

Nonsense gaps become central to Europe's latest crisis 1/ https://t.co/FmDApX9twm — PolitiTweet.org

Paul Krugman @paulkrugman

I haven't been following the Netanyahu saga. But oy vey. https://t.co/lHuoSWhAMG — PolitiTweet.org

Paul Krugman @paulkrugman

The thing is, there's no one obvious cause for this pessimism. The trade war doesn't look big enough; it seems like a bunch of things adding up to global worries of a smorgasbord recession. Don't know how seriously to take it 4/ https://t.co/Bwf9ZfUIgB — PolitiTweet.org

Paul Krugman @paulkrugman

Basically, short rates can only fall so much, while they can rise without limit. So there's an upward bias to the spread between long rates, which reflect expected future short rates, compared with short rates; not as much as there used to be, but still 3/ https://t.co/uKf6E5QuKZ — PolitiTweet.org

Paul Krugman @paulkrugman

Every modern recession has been preceded by a yield curve inversion; every modern inversion has been followed by a recession. So this is pretty striking. And it's actually even more striking given that short-term rates are low 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

There's nothing magic about the yield curve – bond investors operate off the same information as the rest of us, so it's a gauge of optimism/pessimism rather than something that might actually cause a recession. But damn, it's striking 1/ https://t.co/9wrUXWEidt — PolitiTweet.org

Paul Krugman @paulkrugman

Hmm. I know something about this. As the article says, having lots of smaller goals – hey, I can bike up hills I couldn't handle 5 years ago – helps. Also focusing on the craft rather than the big payoff. And there's always pasta and red wine https://t.co/MtbS1Qecbv — PolitiTweet.org

Paul Krugman @paulkrugman

I have no idea how the Dem primary will work out. Maybe Biden's vague image as a likable guy will carry him through; maybe if he stumbles, Sanders's name recognition and combativeness will do it; but Warren is actually showing how she would govern, and that's hugely refreshing 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

And of course Trump's empty promises -- he'd create a vastly superior health care system, a wondrous new infrastructure program, with never a hint about how – were as much indicators of who he was as his obvious personal scandals 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

Similarly, the policy nonsense of pundit favorites like Marco Rubio were a strong indicator that they would be the moral failures they have proved in the Trump era 3/ https://t.co/biDMKZI86c — PolitiTweet.org