Paul Krugman

Paul Krugman @paulkrugman

If you're Jewish and have any sense of history, you know that you are always next in line — PolitiTweet.org

Paul Krugman @paulkrugman

After this past year, I'm bending over backwards to avoid giving too much credence to what looks like good news. Still, putting this out there https://t.co/v3xRmCVnfo — PolitiTweet.org

Paul Krugman @paulkrugman

So other factors — partisanship, the sense of demoralization from a persistent pandemic — have to be at work 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

And perhaps more apropos: I still remember Bush the Elder winning in 1988 on the economy — yet real wages declined through Reagan's 2nd term 2/ https://t.co/7rnYByRFrN — PolitiTweet.org

Paul Krugman @paulkrugman

Thinking a bit more about Biden's low approval rating on the economy despite huge job gains. One explanation is that inflation has eroded real wages. But some historical perspective: this is nothing like the Carter years (composition effects skew the pandemic numbers) 1/ https://t.co/5aBxj96Dhe — PolitiTweet.org

Paul Krugman @paulkrugman

Those who warned about inflation were right, those of us who downplayed the risks were wrong. But the details remain inconsistent with a simple "too much spending" story https://t.co/MWF0hfelDI — PolitiTweet.org

Paul Krugman @paulkrugman

Does anyone really doubt that this was in large part cynical calculation — that Biden would be blamed for the results of GOP sabotage? And it's working ... 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

And while individuals had various motives for not getting vaxxed, the macro picture was all about politics. Blue states look like Europe 2/ https://t.co/GAOYsb5LCg — PolitiTweet.org

Paul Krugman @paulkrugman

I yield to nobody in my cynicism about GOP motives and actions. Yet the story of America's vaccination failure still shocks me. After a promising start we fell far behind other advanced countries 1/ https://t.co/N8YR6jbbbC — PolitiTweet.org

Paul Krugman @paulkrugman

RT @nytopinion: From @PaulKrugman: Antitrust is something Biden can do.  So why the negativity? https://t.co/pP8mfJBKXL — PolitiTweet.org

Paul Krugman @paulkrugman

Oh, and since FL officials have been crowing about NY's high case rate — while discouraging testing to suppress their own numbers — worth noting that even so FL now > NY 2/ https://t.co/3Me0RVhSed — PolitiTweet.org

Paul Krugman @paulkrugman

Cases in NYC down 60% in two weeks. This wave is looking nasty, brutish — but short 1/ https://t.co/gTscLQXtqP — PolitiTweet.org

Paul Krugman @paulkrugman

A giant one-industry town https://t.co/yRUZu8exF3 — PolitiTweet.org

Paul Krugman @paulkrugman

NYC numbers now give huge reason for hope 3/ https://t.co/K26oPIqpBV — PolitiTweet.org

Paul Krugman @paulkrugman

What I wrote about the recession: 2/ https://t.co/liXXtRe0w7 — PolitiTweet.org

Paul Krugman @paulkrugman

Yep. Predictions are hard, especially about the future, but in the Northeast at least Omicron is looking a bit like the Covid-19 recession: severe but short 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

I mean, aren't we at least curious about what's happening here? 7/ https://t.co/6omdPfhZQi — PolitiTweet.org

Paul Krugman @paulkrugman

Has New York become a nice place to live, but you wouldn't want to work there? Or, actually, if remote work is here to say, how does that change the city? 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

But here's office rental rates, from the Comptroller's office. Offices still empty 2/ https://t.co/PePgmTwwGh — PolitiTweet.org

Paul Krugman @paulkrugman

A tale of two cities. Here's NYC apartment rents, from Streeteasy. The Big Apple is back (?) 1/ https://t.co/irogG1fCeZ — PolitiTweet.org

Paul Krugman @paulkrugman

So why come down so hard on rhetoric that won't do any economic harm and might do (a bit of) good? The pundit response here seems wildly disproportionate to the policy reality 6/ — PolitiTweet.org

Paul Krugman @paulkrugman

Nor is there any indication that anyone in the admin is considering Nixon-style price controls. In fact, I see no hint that we'll see anything even as aggressive as JFK's (successful) jawboning on steel prices 5/ https://t.co/hlwGcMy3kq — PolitiTweet.org

Paul Krugman @paulkrugman

For the most part, taming inflation is now up to the Fed, and there's no hint that this administration (unlike Trump's!) will try to deter the Fed from raising rates if it chooses. Supply-chain measures may also help, and are continuing 4/ — PolitiTweet.org

Paul Krugman @paulkrugman

It would be cause for alarm if the Biden administration were planning to use attacks on corporate greed as its principal inflation-fighting strategy, or proposing to act irresponsibly. But it isn't 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Let's stipulate two things. 1. Monopoly is a real issue and problem in the US economy. 2. It is not, however, a major reason for the acceleration of inflation in 2021, nor can a crackdown on monopoly do a lot to bring inflation down. But what does that tell us? 2/ — PolitiTweet.org

Paul Krugman @paulkrugman

As inflation persists, progressive politicians and the Biden administration have been condemning corporations for abusing their market power to raise prices — leading to a barrage of criticism from center-left economists and commentators. And I'm puzzled about the vehemence 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

The Secret Triumph of Economic Policy https://t.co/jERCVsJlO0 — PolitiTweet.org

Paul Krugman @paulkrugman

Again, inflation will be high for quite a while. But the important question now is whether we're headed for stagflation, and that's all about expectations and whether they get entrenched; so far, no 7/ — PolitiTweet.org

Paul Krugman @paulkrugman

Other surveys, for example, of planned compensation also show no sign of a spiral; nor is there any indication of expectation-driven price or wage increases in the Fed's latest Beige Book 6/ https://t.co/wxyF4CUUab — PolitiTweet.org

Paul Krugman @paulkrugman

The bond market offers some indication that the private sector doesn't expect inflation to persist. True, bond traders don't set real-economy prices and wages. But they may offer some evidence on whether a wage-price spiral is likely 5/ — PolitiTweet.org