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Paul Krugman
@paulkrugman
, 4 tweets, 1 min read Read on Twitter
Aha. Here's the letter from Emmanuel Saez and Gabriel Zucman to Elizabeth Warren laying out a plan for a tax on very high wealth 1/ gabriel-zucman.eu/files/saez-zuc…
It would only affect 75,000 households, but it would raise revenues equal to about 1 percent of GDP. That's a lot of money, and could pay for dramatic improvements to health care and other social programs 2/
Also, the analysis is really clear and all assumptions are both clearly laid out and reasonable. Not a hint of voodoo. Worth noting too that Saez and Zucman are at the top of their field -- fit matches for @ewarren 3/
Has to be said: hard to conceive of a proposal this smart and solid coming from anyone in the GOP. The usual suspects will try to poke holes in it, but will surely end up sinking themselves 4/
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More from @paulkrugman see all

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Paul Krugman
@paulkrugman
More on Ferguson-blockchain. Somehow I missed the story of John Taylor going into a crypto venture that promptly failed 1/ ftalphaville.ft.com/2019/02/08/154…
The thing is, both Ferguson and Taylor signed the infamous letter declaring that Bernanke's policies would produce runaway inflation. Ferguson also, also infamously, fell for bogus claims that inflation was really much higher than reported 2/ economics21.org/html/open-lett…
You might think that such experiences would make people wonder, at least a bit, about whether they understood monetary economics as well as they thought they did. (Yes, I've made mistakes -- and promptly owned up to them. They haven't.) But no 3/
Read 5 tweets
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Paul Krugman
@paulkrugman
Hey, the Green New Deal would build infrastructure. Hitler built infrastructure. So that's perfectly reasonable. 1/
As I said, anything that might make the lives of ordinary people better is socialism, even Communism 2/ nytimes.com/2019/02/07/opi…
You know who really destroyed America? Clinton. No, not Bill -- DeWitt Clinton, who built the Erie Canal (with taxpayers' money!) He was clearly a Communist tool 3/
Read 3 tweets
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Paul Krugman
@paulkrugman
I can't figure out whether Suderman is really this naive. Does he truly believe that the GOP's inability to come up with a health plan reflects honest intellectual confusion, and that the party's "experts" are acting in good faith? 1/ nytimes.com/2019/02/07/opi…
Health care isn't that hard an issue. Every advanced country besides the US has universal coverage, so we know how to do it: either government insurance or a highly regulated private system with mandates and subsidies that bring everyone in. 2/
In other words, we already know what a conservative approach to covering America looks like -- basically, it looks like Obamacare. The reason the GOP won't accept that is that IT DOESN'T WANT PEOPLE TO GET HEALTHCARE 3/
Read 5 tweets

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Scott Winship
@swinshi
OK. I'm starting a thread on economic inequality to push back against an avalanche of misguided, empirically unsupported claims about inequality and its costs. Will add to it periodically. /1
First, did you know that you're almost surely basing your overstated conclusions about the rise of income concentration on out-dated estimates from Piketty and Saez? Their own estimates show much less growth now, after listening to critics. /2
Second, did you know that Piketty and Saez have never once attempted to quantify the economic, social, or political costs of rising income concentration? That's because it's a very hard question to answer! So your strong priors are basically empirically unsupported. /3
Read 16 tweets
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Atif Mian
@AtifRMian
1/ Some thoughts on @SenWarren proposal to tax wealth above 50 million at 2%.

It is an idea very much worth considering. A number of details (related to design and implementation) will need to be worked out, but it is a step in the right direction.

washingtonpost.com/outlook/2019/0…
2/ People have discussed implications of this proposal for revenue, labor supply and inequality, which is obviously important.

But I would also highlight another angle: proposal's implications for "savings glut", long term interest rate and the broader macro economy.
3/ A somewhat subtle, but important, implication of very high wealth inequality combined with very low inter-generational mobility is a glut of gross savings and very low interest rates.

Beyond a point, this leads to malfunctions such as "liquidity traps" and financial bubbles
Read 4 tweets
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French Embassy UK
@FranceintheUK
The French community in the 🇬🇧 is "one of the most important ones in the world, with more than 143 000 French citizens signed up on consular registers" - Europe Minister @NathalieLoiseau addresses the 🇫🇷 community at the @ifru_london
"If there are so many of you which are established here, it is a sign that our talents are sought after and appreciated. You bring a '🇫🇷 touch', so loved in many different fields"
"Beyond exiting the #EU, #France will remain a key partner for the #UK, in every single sector."
Read 9 tweets
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Penny Midas Rollo
@PennyMidasRollo
001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
#tariffs #NoDeal #Brexit #WTO #ProjectFear #shortages #food #medicines
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
Read 180 tweets
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Heather Boushey
@HBoushey
In light of the new @iteptweets report (if you haven’t already, read it here itep.org/federal-tax-cu…), a thread on rising inequality & how effective tax policy can address it 1/15
As @PikettyLeMonde, @gabriel_zucman & @berkeley_olab’s Emmanuel Saez have shown, the bottom half of the income distribution has been completely shut off from economic gains since the 1970s
equitablegrowth.org/economic-growt… 2/15
They find that from 1980-2014, incomes grew:
121% for the top 10%
205% for the top 1%
636% for the top .001%

and a whopping 1% for the bottom 50% gabriel-zucman.eu/files/PSZ2018Q… 3/15
Read 16 tweets
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Noah Smith
@Noahpinion
1/Alright, so let's talk about wealth redistribution.

In the past, economists and policymakers talked mostly about income redistribution. But recently, the focus has been shifting to wealth inequality.

gabriel-zucman.eu/files/SaezZucm…
2/Wealth is MUCH more unequally distributed than income.

You've probably all seen the infographics, charts, videos, etc.

3/The top 1% of Americans controls about 40 percent of the country's wealth.

money.cnn.com/2017/09/27/new…
Read 22 tweets

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