• RT @nytopinion: The failure of the president and Republican lawmakers to provide relief to unemployed Americans is right up there with the…
    Paul Krugman Tue 04 Aug 2020 00:26
  • But I bet Fauci knows more about trade policy than Navarro does about epidemiology. Actually probably knows more about trade policy than Navarro does, too. Link
    Paul Krugman Mon 03 Aug 2020 20:40

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  • Trump defeated Covid-19 with his army of unicorns. Also secret QAnon operatives Link
    Paul Krugman Mon 03 Aug 2020 20:40

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  • Totally forgot to tweet this out: I talked to Christiane Amanpour at some length last week, under the strict condition that I NOT wear a T-shirt Link
    Paul Krugman Mon 03 Aug 2020 20:40
  • But the incompetence may be the point. If he could do anything right, he might not be politically reliable 3/ Link
    Paul Krugman Mon 03 Aug 2020 20:15
  • I mean, he can't even enter the right numbers in a spreadsheet 2/ Link
    Paul Krugman Mon 03 Aug 2020 20:15

    PRAIRIE VILLAGE, KS — “I won’t be running anything else from Stephen Moore.”

    So says Miriam Pepper, editorial page editor of the Kansas City Star—and not just because she’s retiring this week. Pepper’s no-Moore stance comes after her paper discovered substantial factual errors in a recent guest op-ed by Moore, the chief economist at the conservative Heritage Foundation.

    The episode serves as a cautionary tale for editors navigating the disputes of rival policy advocates—and a case study in the delicate art of running a correction.

    It all began a month ago, when the Star ran a piece by the Nobel Prize-winning economist-turned- liberal New York Times columnist Paul Krugman, as it does regularly. The column named Moore as one of the “charlatans and cranks” who have influenced policymakers at all levels to enact low-tax, supply-side economic policies—with ruinous effects, according to Krugman. The sweeping 2013 tax cut in...

  • The durability of Stephen Moore as the GOP's go-to guy on economics tells you something about the party. I don't think he's ever gotten anything — factual, legal, analytic — right 1/ Link
    Paul Krugman Mon 03 Aug 2020 20:15

    Tax policy experts doubt that President Donald Trump has the authority to unilaterally suspend payroll tax collections, an idea floated by White House economic adviser Stephen Moore over the weekend.

    In a Wall Street Journal opinion piece, Moore wrote that the president should declare a “national economic emergency” due to COVID-19 and use emergency powers that allowed the IRS to delay tax filing deadlines earlier this year to also suspend payroll tax collections for up to one year. Moore doesn’t have a formal role in the Trump administration but is a member of the president’s economic recovery task force.

    Moore’s reading of the law drew criticisms from tax experts at both the conservative American Enterprise Institute and the Urban-Brookings Tax Policy Center, a nonpartisan think tank backed by the center-left Brookings Institution and the Urban Institute.

    Mark Mazur, director of the Tax Policy Institute, who was assistant secretary for tax policy during the...

  • But the people who brought you the 2nd wave are clearly eager to repeat their mistakes, and we can expect a major outbreak of complacency. Plus schools reopening, many in person. I hope I'm wrong, but I have a very bad feeling about the fall 2/
    Paul Krugman Sun 02 Aug 2020 20:39
  • So, are we ready for the coronavirus 3rd wave? The 2nd wave came after premature opening in April-May; first cases, then deaths rose with a lag. Re-closing plus more mask-wearing seems — seems — to be bringing cases down a bit, and deaths will eventually follow 1/
    Paul Krugman Sun 02 Aug 2020 20:34
  • RT @bopinion: A failure to beat the coronavirus has a chilling effect on economic activity. Just look at the extraordinary difference in…
    Paul Krugman Sun 02 Aug 2020 19:04
  • And for what it's worth, I think Dems should hang tough. Republicans should be begging Dems to help them avoid catastrophe three months before an election. They have no business demanding that Dems do it their way. Appropriate stance for Pelosi: 10/ Link
    Paul Krugman Sun 02 Aug 2020 17:54
  • In short, there is no economic theory or logic behind the Republican position. It's all about being mean-spirited and/or cynically exploiting a crisis to force governments to shrink 9/
    Paul Krugman Sun 02 Aug 2020 17:49
  • We should be helping states in a pandemic for the same reason governments pay for wars in part by borrowing: the needs are temporary and it's inefficient to cover them entirely by slashing nondefense spending and/or raising taxes 8/
    Paul Krugman Sun 02 Aug 2020 17:49
  • What about GOP opposition to temporary aid to states and cities? You don't even have to be a Keynesian to see that this is bad economics. It makes no sense to impose severe cuts in government services in the face of a known temporary revenue loss/ cost increase 7/
    Paul Krugman Sun 02 Aug 2020 17:49
  • They only matter if you have a fixed money supply or if the central bank is worried about inflation, neither of which is remotely the case right now 6/
    Paul Krugman Sun 02 Aug 2020 17:44
  • More generally, unemployment benefits might raise workers' reservation wages — the wages they demand to take jobs. But higher wages in the economy as a whole don't directly reduce employment, as Keynes explained long ago 5/ Link
    Paul Krugman Sun 02 Aug 2020 17:44

    I

    It would have been an advantage if the effects of a change in money-wages could have been discussed in an earlier chapter. For the classical theory has been accustomed to rest the supposedly self-adjusting character of the economic system on an assumed fluidity of money-wages; and, when there is rigidity, to lay on this rigidity the blame of maladjustment.

    It was not possible, however, to discuss this matter fully until our own theory had been developed. For the consequences of a change in money-wages are complicated. A reduction in money-wages is quite capable in certain circumstances of affording a stimulus to output, as the classical theory supposes. My difference from this theory is primarily a difference of analysis; so that it could not be set forth clearly until the reader was acquainted with my own method.

    The generally accepted explanation is, as I understand it, quite a simple one. It does not depend on roundabout repercussions,...

  • But even if it were happening, we have 30 million workers receiving benefits and only 5 million job vacancies. What jobs would workers take if they wanted to work? 4/
    Paul Krugman Sun 02 Aug 2020 17:44
  • The claimed GOP objection to extending aid to the unemployed is the belief that it discourages workers from accepting jobs. In reality, all the evidence suggests that under current conditions that just isn't happening 3/ Link
    Paul Krugman Sun 02 Aug 2020 17:39

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  • I don't mean that they adhere to doctrines I disagree with; I mean that they have no coherent doctrine at all other than visceral dislike for helping people in distress 2/
    Paul Krugman Sun 02 Aug 2020 17:39
  • 30 million workers have had their financial lifeline cut off, and talks are stalled. But this isn't because "Congress" is dysfunctional; it's because *Republicans* are wedded to nonsense economics 1/ https://t.co/C6Lu334G4U
    Paul Krugman Sun 02 Aug 2020 17:39
  • To be a Trump supporter now is to be constantly at war with reality. And it's terrifying to think what that will mean if Trump loses the election 6/
    Paul Krugman Sun 02 Aug 2020 14:49
  • The point is that the contrast between the Trump hagiography and the reality of one of history's greatest policy failures is too great for the faithful (and of course Trump himself) to process. So they're becoming increasingly delusional 5/
    Paul Krugman Sun 02 Aug 2020 14:44
  • And Australia is imposing a full lockdown in Melbourne to stop this outbreak in its tracks; Florida, which is losing 180 people a day compared with Australia's 8, won't even require face masks and is reopening schools 4/
    Paul Krugman Sun 02 Aug 2020 14:44
  • There's a lot of grasping at straws. I see that Trump is gloating over new outbreaks in some countries, like Australia, that thought they had it beat. And that is a cause for concern. But bear in mind what AU's outbreak looks like compared to ours 3/ https://t.co/7liDIY5DWo
    Paul Krugman Sun 02 Aug 2020 14:39
  • I mean, if you've spent three years believing that Trump Made America Great Again, how do you deal with the fact that >1000 Americans are dying of Covid-19 each day, compared with 6 (six) in Italy? 2/ https://t.co/iZW5xFZs7L
    Paul Krugman Sun 02 Aug 2020 14:34
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