Mostly the plan is about directly fighting the pandemic, reopening schools, avoiding cuts in vital services, and helping families in dire need. Ideally we might achieve these goals at somewhat less cost, but speed and simplicity are more important than perfection 4/
Paul Krugman Sat 06 Feb 2021 20:11- Is everything in the Biden plan well-targeted on our needs? No. But the controversial part, checks to most of the population, is just a fraction of the plan 3/ https://t.co/f0i44Wvt9O Paul Krugman Sat 06 Feb 2021 20:06
- When you're budgeting for a war, you don't decide how much to spend by estimating what it would take to fill the output gap; you estimate what it would take to win the war. 2/ Paul Krugman Sat 06 Feb 2021 20:06
- So is the Biden plan too big? We need to be clear about what it's for. IT'S NOT STIMULUS. This isn't at all like the ARRA, which was all about boosting demand; this is disaster relief. Or maybe it will help if we think of it as being like fighting a war against Covid fallout 1/ Paul Krugman Sat 06 Feb 2021 20:06
- RT @JanetGornick: February 17, 7:30pm, virtual event. This panel will assess the economic recovery that seems to be on the horizon. Who wil… Paul Krugman Fri 05 Feb 2021 20:05
- The point is that this is an economic team with actual thought behind its policies, able to deal with good-faith critiques even when, as I think Summers's is, they're somewhat wrong-headed. We're not in Trumpland anymore 6/ Paul Krugman Fri 05 Feb 2021 19:00
- This is a strength. Policies are better because they emerge from informed discussion; the political force behind these policies won't be dissipated the first time someone points out the emperor is naked 5/ Paul Krugman Fri 05 Feb 2021 19:00
- If the Summers critique actually threatened to derail economic rescue, I'd be upset. But the Biden people are ready with counterarguments, and have their political ducks in a row. So what we're actually seeing is that determined policy can survive serious debate 4/ Paul Krugman Fri 05 Feb 2021 18:55
- As Kevin Drum pointed out long ago, there's a "hack gap" between the parties: even Republicans who should know better fall in line to back the party line, as economists did for the 2017 tax cut. Democrats, not so much 3/ Paul Krugman Fri 05 Feb 2021 18:55
- I mean, suppose that the Fed ends up hiking rates because unemployment is 3.2% and the economy is growing at 8%. Would that be so bad? But while I don't think Summers is being helpful, the fact that he is weighing in like this says some good things about Democrats 2/ Paul Krugman Fri 05 Feb 2021 18:55
- RT @nytopinion: .@paulkrugman responded to readers who commented on his column, "Pumps and Dumps and Chumps." Read their exchanges here: ht… Paul Krugman Fri 05 Feb 2021 18:00
- So any worries you might have about excessive demand should be alleviated by this de facto "automatic stabilizer" aspect of the plan 2/ Paul Krugman Fri 05 Feb 2021 15:30
- One important point about the Biden plan: to the extent it provides stimulus, that will fall if the economy does better than expected. Unemployment benefits will shrink if unemployment is lower; state and local governments will bank some of their aid if revenue rises 1/ Paul Krugman Fri 05 Feb 2021 15:30
- Far better to run the risk of needing some monetary tightening a year from now than risking an inadequate plan that repeats the mistakes of 2009 ... 3/ Paul Krugman Fri 05 Feb 2021 14:35
- What the weakness in the economy tells us is to worry a lot less (although I don't think we should have worried much in the first place). The economy seems to be stalling or worse; this means that stimulus from the plan will be a good thing, not a problem 2/ Paul Krugman Fri 05 Feb 2021 14:30
- The jobs report and the Biden plan: the plan is mainly NOT ABOUT STIMULUS: It's disaster relief to get us through the pandemic. It will, however, have some stimulative effect. And some liberalish economists worry about overheating 1/ Paul Krugman Fri 05 Feb 2021 14:30
- RT @nytopinion: "The basic story of what happened is a very old one," @PaulKrugman says of the GameStop stock craze. "This was basically a… Paul Krugman Fri 05 Feb 2021 01:24
- RT @SenJeffMerkley: I’m 100% onboard with @SenWarren and @SenSchumer and their plan to #CancelStudentDebt. For millions who are crushed by… Paul Krugman Thu 04 Feb 2021 20:44
- RT @Politics_Polls: As you may know, the Biden administration has proposed a $1.9 trillion stimulus relief bill in response to the coronavi… Paul Krugman Wed 03 Feb 2021 19:53
- RT @GC_CUNY: Part of our new season! FEB. 17 @ 7:30: “Economic Recovery for Whom?” features @karlbykarlsmith, @hshierholz, Ellen Zentner of… Paul Krugman Wed 03 Feb 2021 18:23
- RT @paulwaldman1: As I explain here, the real transformative change in this Congress is that Democrats are responding to this crap not with… Paul Krugman Wed 03 Feb 2021 18:08
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