Paul Krugman

Paul Krugman @paulkrugman

Early polling suggests it's a winner 7/ https://t.co/XdmzkzjSmX — PolitiTweet.org

Paul Krugman @paulkrugman

Btw, this is what it looks like https://t.co/h1JR9g4Mon — PolitiTweet.org

Paul Krugman @paulkrugman

So I’m getting text messages from New Jersey EZ Pass urging me to oppose NYC’s proposed congestion charge. Very uncool — PolitiTweet.org

Paul Krugman @paulkrugman

There's an exchange in the movie Gettysburg — newly relevant thanks to Doug Mastriano — in which Meade asks, "Is this good ground?" and Hancock replies "Yes, sir, VERY good ground" Pretty much how Biden is probably feeling 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

Furthermore, an astonishingly high proportion of the most vehement critics of debt relief have themselves, personally, been major beneficiaries of federal largesse. Arguing about the wisdom of farm subsidies or the PPP program is beside the point; the hypocrisy's the thing 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

Maybe relevant to point out that we've provided massive aid to farmers — and in modern America there are about 15 times as many people with student debt as there are farmers 4/ https://t.co/xStJ5zH32y — PolitiTweet.org

Paul Krugman @paulkrugman

In fact, many will be working-class Americans who took on debt in an attempt to improve themselves, often by attending trade schools — and ended up with a lot of debt and nothing to show for it 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

First, there are a *lot* of beneficiaries — probably around 40 million people, most of whom have friends and families. And given the income cap, few of these beneficiaries will be "elites" as commonly understood 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

Yep. People who thought it would be viewed as a giveaway to "elites" missed some crucial points 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

There are arguments against this debt relief, although the vehemence of centrist opposition is puzzling. But warnings about inflation are a really bad argument, and it's disheartening to see generally sensible economists choose this as the place to make their stand 7/ — PolitiTweet.org

Paul Krugman @paulkrugman

Will debt relief of <0.2% of GDP on an annual basis reverse this fiscal contraction? Will it even make a large dent? No and no. This isn't exactly a nothingburger, but at most it's a White Castle slider 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

Where we are is that the Fed is trying to cool off the economy to curb inflation; and its efforts are being reinforced by substantial fiscal contraction as those programs phase out 5/ https://t.co/azwM42ukHb — PolitiTweet.org

Paul Krugman @paulkrugman

Now, I agree that it's misleading to claim that the end of pandemic programs that were going to phase out anyway "pays for" debt relief. But that doesn't mean that the phase-out is irrelevant to the policy debate 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

What they think is that we're talking about another major bout of inflation. So, some perspective, using the *high* end inflation estimates 3/ https://t.co/EUuNaWwmET — PolitiTweet.org

Paul Krugman @paulkrugman

I mean, when people read about throwing gasoline on the fire or whatever, do you think they interpret that as 15-27 basis points on inflation, other things equal? 2/ https://t.co/WRXtvHBJBD — PolitiTweet.org

Paul Krugman @paulkrugman

Revisiting the disconnect between debt relief/inflation rhetoric and analysts' own numbers, and it was worse than I imagined 1/ https://t.co/u3j7Z7asSc — PolitiTweet.org

Paul Krugman @paulkrugman

Is debt relief good policy? We can argue about that. Is it dangerously inflationary? No. So why the intense hostility? 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Also, we may have a hot economy, but we also have a Fed declaring that it will keep hiking until inflation is back to target. So at most we're talking about slightly higher interest rates rather than inflation 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

Apocalypse not? I doubt people reading scare headlines about inflation thought we were talking about a fraction of a percentage point 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

RT @nytopinion: “Whatever happens now, we’re getting an object lesson in the dangers of becoming economically dependent on authoritarian re… — PolitiTweet.org

Paul Krugman @paulkrugman

RT @RobinBrooksIIF: Markets see Powell as hawkish. That's not right. He's just data-dependent & cautious. As a result, he said one low CPI… — PolitiTweet.org

Paul Krugman @paulkrugman

Scary news: I don't disagree with anything in Powell's speech https://t.co/A74Js3gnn6 — PolitiTweet.org

Paul Krugman @paulkrugman

Part of the R problem, I think, is that they've grown so inbred they almost speak a private language: it's all "Hunter Biden! Socialism!" Confronted with a genuinely popular policy move, whatever its wisdom, they have no idea how to react 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

Second, around 40 million Americans will be getting debt relief — and they have families, too. Suggesting that they're all doing something immoral is ... not smart, politically. As a group, they probably lean Democratic, but not uniformly — and turnout matters too 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

First of all, these are the last people who should be insisting on the sacred obligation to repay your debts, no matter what. It's harder to find prominent MAGA Republicans who aren't grifters and/or deadbeats than ones who are. The opportunities for mockery are endless 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

In a different universe, Rs would respond to Biden's debt relief by saying "This is poorly targeted and doesn't address the deeper issues. Here's our better plan." But the GOP no longer does policy — and their actual response was awesomely tone-deaf 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

RT @zachdcarter: Nevermind the bailouts and emergency COVID programs — debts are discharged every day. My latest, on Biden’s student debt r… — PolitiTweet.org

Paul Krugman @paulkrugman

So, did people notice that She-Hulk is a reluctant superhero (I'll watch Tatiana Maslany in anything) partly because she's worried about paying off her student loans? — PolitiTweet.org

Paul Krugman @paulkrugman

And do you really want to deny that at least some people are deliberately conveying the wrong impression? Their numbers aren't hair-raising, but their messaging is. Don't be one of them 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Most people, seeing headlines like "Economists warn about inflationary consequences of Biden plan" imagine that we're talking about 2021 all over again. They aren't aware that even the pessimists are talking about inflation 0.2-0.3 percentage points higher than otherwise 2/ — PolitiTweet.org