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Paul Krugman
@paulkrugman
, 3 tweets, 1 min read Read on Twitter
This isn't the only place where Adam Smith was anything but the free-market icon invented by the right. 1/ washingtonpost.com/politics/2019/…
He also provided one of the best expositions of the concept that poverty isn't just about material hardship, it's about social exclusion: in England, not being poor meant being able to afford respectable clothing 2/ blogs.worldbank.org/developmenttal…
The crudity of modern conservatism would have shocked Smith, who had a far more sophisticated understanding of economics than the people who claim to revere him 3/
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More from @paulkrugman see all

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Paul Krugman
@paulkrugman
The Times has published a posthumous article based on the work of the late, great Alan Krueger on one of his side interests: the economics of the music business. And it is, of course, great. But the premise may not be right! 1/ nytimes.com/2019/06/01/opi…
Krueger used Rihanna as an example of how modern media allow superstars to earn far more than they could from live performances. And he cites the Victorian economist Alfred Marshal on the limits faced by past artists, like Mrs. Billington of the London opera 2/
Mrs. Billington, we're told, was paid 10,000 pounds for a season. How should we think of that? Well, the Bank of England has a great historical database, which tells us that per capita GDP in Great Britain was around 30 pounds at the time 3/ bankofengland.co.uk/statistics/res…
Read 7 tweets
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Paul Krugman
@paulkrugman
Back in the USA and thinking about what it must be like for conservative economists who weren’t always total hacks but have sold their souls - eg backing crazy claims about tax cuts 1/
Or declaring that Bernanke was debasing the dollar to help Obama. All that self-abatement to curry favor with the right - and then Art fricking Laffer gets a presidential medal while they get nothing 2/
Self abasement. If I could do self abatement I probably would
Read 3 tweets
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Paul Krugman
@paulkrugman
So I wake up in my undisclosed location to see fresh policy madness. I think this needs some unpacking to appreciate just how wild it is. 1/ nytimes.com/2019/05/30/us/…
Leave the economics on one side, and consider the supposed legal justification. U.S. trade law gives the president huge discretion to impose tariffs, as long as he is willing to make bizarre claims – i.e., Canadian steel threatens national security 2/
But imposing tariffs without Congressional approval to serve goals that have nothing to do with trade policy – in this case, an immigration crisis that exists only in his mind – goes well beyond even the brazenness of his previous actions 3/
Read 8 tweets

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julianzelizer
@julianzelizer
House Democrats are having a difficult debate about impeachment./1
washingtonpost.com/politics/pelos…
There is one argument against voting on impeachment proceedings that doesn’t make sense. That is--because the nation has not experienced its equivalent of the 1973 Watergate Committee, we need more of an "educational process" before Congress can act./2
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Alamo_on_the_rise
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Trump: Day 701
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Alexandra Erin
@alexandraerin
Give universal basic income and watch the GDP go through the roof. Everybody who does business is doing more business. Demand goes up. Supply goes up. Rising tide lifts all boats.
The rightwing in this country has spent decades chasing cars on the principle that it plays well, and right now a lot of what is happening is that the generations that grew up watching them are now actually catching the cars.

Maybe it takes us a generation of saying "UNIVERSAL BASIC INCOME NOW" for now to get here. Maybe it takes us a hundred years. Maybe it takes us a revolution. Maybe it takes a cataclysm and a new beginning.

Say it anyway. Make a robust social safety nest look like a compromise.
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Karol 🍃
@karolcummins
💣OurPearlHarbor💣

Putin’s Attack on the U.S. Is Our Pearl Harbor

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Trump sides with Putin & GRU over US interests, our CIA & DOJ
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Dr. Dena Grayson
@DrDenaGrayson
🛑BREAKING🛑

Former Trump aide Sam Nunberg has been subpoenaed to appear in front of Mueller’s federal grand jury but says he REFUSES to go‼️

Nunberg provided a copy of his #subpoena👈🏼NUNBERG is the WITNESS in the subpoena leaked yesterday‼️ 1/

washingtonpost.com/politics/forme…
Nunberg provided WaPo w/ a copy of his 2-page grand jury #subpoena seeking documents related to Trump and 9 other people, including emails, correspondence, invoices, telephone logs, calendars and “records of any kind.”.🤔 2/
Looks like NUNBERG is the mysterious WITNESS who leaked his #subpoena, first reported by @axios yesterday.😉 3/

Read 9 tweets
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Kyle
@HNIJohnMiller
1) I hear screeching. "Trump is abandoning his platform! Trump is abandoning his base!" Mother of god that screeching is annoying. Its filling my ear drums as people just will not shut up, instead they try and scream OVER each other. "I'm more scared because patriotism than you!"
2) "Trump has given into the Deep State! Its all over! Trump has totally capitulated!"
3) I mean, really, it must be over, be ause surely a bunch of loud shouting voices trying to speak over each other MUST know what they're talking about, right?
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