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Paul Krugman @paulkrugman
, 4 tweets, 2 min read Read on Twitter
Advanced country tariffs are low -- just not a major issue. So this is silly even if you believed that Trump was some kind of free trade crusader. 1/ nytimes.com/2018/07/31/opi…
Incidentally, World Bank numbers say US average tariff is 1.7, EU 2.0 -- even lower than Moore's numbers. But who's counting? 2/ data.worldbank.org/indicator/TM.T…
The important point is that the economic distortions caused by low single-digit tariff rates are small in any economic model. And anyway, Trump consistently talks about bilateral trade imbalances, which have nothing to do with tariffs. 3/
So why should we care what Moore says? He's famously unreliable on the facts archives.cjr.org/united_states_…. He has no influence on Trump policies. And he's not making an argument that anyone takes seriously. 4/
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Good piece from Bloomberg pointing out that Sweden actually has a top marginal rate of almost 70% -- and grass is hardly growing in the streets 1/ bloomberg.com/news/articles/…
I'd also point out that while the US federal top rate is only 37 -- it was 39.6 before the TCJA -- there are also state and local taxes. If you're a high earner in New York City, you pay almost 9% state and almost 4% city tax at the margin 2/
Plus sales taxes -- 4.5% state and 4% city -- also reduce the purchasing power of a marginal dollar earned. Put all of this together and high earned-income individuals (as opposed to capital incomes) pay a marginal rate of 55-60% 3/
Read 5 tweets
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There's a political puzzle that has worried me for a while, and is highlighted by some of the responses to today's column. What some of the pushback against @SenWarren comes down to is "I feel like she's talking down to me" 1/ nytimes.com/2019/01/07/opi…
The reason this is puzzling is that she really isn't. She does try to explain issues, but there isn't any condescension I can find -- and nothing like the sneering contempt for his supporters that shines through everything Trump does and says 2/
Yet this is a real thing, not to be wished away. And I don't think it's just sexism -- in general, politicians who try to understand issues get grief from a segment of voters who seem perfectly happy with politicians who clearly consider them chumps 3/
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This is a mostly good summary of interesting papers presented at the ASSA meetings -- but tellingly misrepresents what the paper by @ojblanchard1 actually said 1/ bloomberg.com/news/articles/…
Here's how the authors put it: 2/
But if you read the actual paper, it doesn't say anything like "debt is bad but not catastrophic". It notes that in simple models a situation like the one we're in, in which interest rates are below growth rates, is one in which debt is actually good 3/ aeaweb.org/aea/2019confer…
Read 5 tweets

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"Trump has used Harley-Davidson as an example of a US business that is being harmed by trade barriers. Yet Harley has warned consistently against tariffs, saying they would negatively impact sales"

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