• The psychology is clear — why I joked after the financial crisis that the govt should invent a fake alien invasion, fighting which somehow required infrastructure investment, to make the debt scolds shut up Link
    Paul Krugman Sat 21 Aug 2021 18:31

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  • To a first approximation, we've always been willing to do functional finance in times of war. The debt scolds only emerge when we're talking about things other than bombs and guns 5/
    Paul Krugman Sat 21 Aug 2021 18:26
  • The Union also paid for about 2/3 the cost of the Civil War by issuing bonds 4/ Link
    Paul Krugman Sat 21 Aug 2021 18:26
    The Civil War represented a watershed moment in the history of American taxation. The quick, limited engagement both sides confidently predicted soon proved a chimera. Instead, the exigencies of protracted, destructive warfare ­ engulfing private property and civilian populations as well as commissioned combatants ­ demanded innovations in government financing. While the outcome of the conflict may be attributed to any number of contingent factors, the varying fiscal strategies undertaken by the Union and Confederate governments undoubtedly influenced the capacity of both societies to sustain the war effort. North and South employed markedly different approaches. The North's proved more efficacious in the long run.
  • Chart. I'm familiar with this stuff bc of all the people back circa 2010 saying that Keynes would have had different views if Britain had been deeply in debt — which, in fact, it was when he wrote 3/ https://t.co/9wZZTOnofd
    Paul Krugman Sat 21 Aug 2021 18:21
  • Certainly it wasn't the first time Britain went there. WWI was also paid for with a massive increase in debt — and so, a bit more slowly, were the Napoleonic Wars! 2/
    Paul Krugman Sat 21 Aug 2021 18:21
  • Tooze is really good on this — the problem with the War on Terror is NOT that it added to the national debt — but a little off-base, I think, in suggesting that WWII marked a sharp break with previous fiscal orthodoxy 1/ Link
    Paul Krugman Sat 21 Aug 2021 18:16

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  • Backup for my latest TV appearance https://t.co/2uHgt0PiAh
    Paul Krugman Fri 20 Aug 2021 22:51
  • Imagine looking at these numbers for Florida and deciding that your priority is to stop schools from requiring masks https://t.co/4SefatZxTU
    Paul Krugman Thu 19 Aug 2021 16:26
  • Pretty sure there's a Sholom Aleichem story about how Chelm, the town of fools, dealt with the problem of people slipping off a dangerous mountain road: they built a hospital at the bottom of the slope. But they had nothing on GOP governors Link
    Paul Krugman Thu 19 Aug 2021 13:01

    Students and parents gather outside the Governor's Mansion to urge Gov. Greg Abbott to drop his opposition to public school mask mandates Aug. 16 in Austin, Texas. | (Eric Gay/AP Photo)

  • As long as they aren't in the apartment upstairs Link
    Paul Krugman Thu 19 Aug 2021 12:11

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  • What this tells us is that we could have had much of the return to normality vaccines seemed to promise — but we were robbed of that reward by MAGA sabotage 2/ https://t.co/X7rfNdxkxm
    Paul Krugman Wed 18 Aug 2021 15:20
  • Something I've been thinking about: Lollapalooza. 350,000 raucous attendees — but with vaccine or Covid test required for entry, and masking in 2nd half. And apparently not much infection 1/ Link
    Paul Krugman Wed 18 Aug 2021 15:20

    In the weeks leading up to, and following, the Lollapalooza music festival in Chicago, residents and observers expressed concerns that the event would turn into a “COVID super-spreader,” but Chicago health officials say that hasn’t happened.

    During a press conference Tuesday, Chicago Department of Public Health Commissioner Dr. Allison Arwady said that statistics compiled by the city have not shown any significant impact on COVID case numbers since the event wrapped up more than two weeks ago.

    “We’re not seeing any connection related to Lollapalooza,” Arwady said. “We’ve not had new data suggesting it was a super-spreader. We’ve not seen any change in terms of the demographics (of COVID-impacted patients) here in Chicago. We see no connection between that event, or any of the other large events that we’ve had.”

    According to figures released by the city on Aug. 12, approximately 203 Lollapalooza attendees later tested positive for...

  • RT @TimMLatimer: Good overview on the critical role of government in driving the renewables boom. I’d expand the argument to include all mo…
    Paul Krugman Wed 18 Aug 2021 13:40
  • People like DeSantis and Abbott think they can win political points by catering to people who demand the freedom to spread disease. They may be poking a sleeping dragon 5/
    Paul Krugman Tue 17 Aug 2021 19:59
  • I'm angry, even though I can work from home, can afford to live well despite the pandemic, and don't have school-age children. A lot of people are, justifiably, furious 4/
    Paul Krugman Tue 17 Aug 2021 19:59
  • We're not getting that, and this disappointment is largely — not entirely, but largely — the fault of a vocal minority that refuses to take basic precautions, both vaxxing and masking. And the politicians who egg them on 3/
    Paul Krugman Tue 17 Aug 2021 19:54
  • Americans were looking forward to the return of normal life — being able to send their kids to school without fear, being able to see other people and go out, thanks to vaccines and a bit of prudence 2/
    Paul Krugman Tue 17 Aug 2021 19:54
  • We'll have to see, but I don't think many political pundits have thought about the implications of what I think of as the rage of the responsible. 1/ Link
    Paul Krugman Tue 17 Aug 2021 19:54

    The other day, Florida Gov. Ron DeSantis likened mask and other health mandates to “medical authoritarianism.” The Republican added that we may be witnessing “the most significant threat to freedom in my lifetime, certainly since the fall of the Berlin Wall.”

  • Going forward, my Tuesday newsletters — the occasionally quirky ones — will be available onsite. Friday's wonky newsletters already were. Here's today's entry: Link
    Paul Krugman Tue 17 Aug 2021 17:39

    This is a preview of the Paul Krugman newsletter, which is now reserved for Times subscribers. Sign up to get it in your inbox twice a week.

    As terrible as many things in the world are, climate is unique in posing an existential threat to civilization. And it’s horrifying that so many political figures are dead set against any serious action to address that threat.

    Despite that, there’s still a chance that we’ll do enough to avoid catastrophe — not because we’ve grown wiser but because we’ve been lucky. We used to believe that achieving big reductions in greenhouse gas emissions would be difficult and expensive, although not nearly as costly as anti-environmentalists claimed. Over the past dozen years or so, however, we’ve experienced a technological miracle. As nicely documented in an article by Max Roser, the costs of solar and wind power, once dismissed as foolish hippie fantasies, have plunged to the point that quite modest incentives could lead to a rapid...

  • Of course, having former Fed officials say it carries more weight. And the message is vastly more important than who gets credit 3/
    Paul Krugman Tue 17 Aug 2021 15:14
  • My paper for the 2014 ECB conference at Sintra: "inflation targets revisited" 2/ Link
    Paul Krugman Tue 17 Aug 2021 15:09
  • Agree with the premise. But is this a novel argument? Some of us have been making what I think is the same argument for years 1/ Link
    Paul Krugman Tue 17 Aug 2021 15:09

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  • 1984 in 2021 Link
    Paul Krugman Tue 17 Aug 2021 11:49

    In the wake of the Taliban’s recent capture of Kabul, Afghanistan’s capital, it looks like the Republican Party is quietly scrubbing traces of the former president’s deals with the militant Islamist group.

  • Global warming is fake news. Anyway, it isn’t man-made. And doing anything about it would destroy the economy. The last claim is as false as the first two. Link
    Paul Krugman Tue 17 Aug 2021 11:19

    Global warming is fake news. Anyway, it isn’t man-made. And doing anything about it would destroy the economy.

    Opponents of action against climate change have always relied on multiple lines of defense: If one argument for doing nothing becomes unsustainable, they just retreat to another.

    That’s what we’re seeing now, as conservatives argue against the Biden administration’s push for climate-friendly public investment. As it happens, this push is taking place against a background of unprecedented heat waves, huge forest fires, severe drought in some places and catastrophic flooding in others — phenomena that scientists have long warned would become more common as the planet gets hotter.

    Given these events, as The Times recently reported, Republicans have toned down their climate denial — in some cases pretending that they never denied the science in the first place. Thus Senator James Inhofe, author of 2012’s “The Greatest Hoax: How the Global Warming...

  • RT @ObsoleteDogma: There are two things that “objective” reporters are allowed to openly root for: deficit reduction and foreign interventi…
    Paul Krugman Tue 17 Aug 2021 10:54
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