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Paul Krugman
@paulkrugman
, 3 tweets, 2 min read Read on Twitter
Trump keeps claiming that China is paying the tariffs. As @DeanBaker13 points out, the latest BLS report on import prices shows that this isn't so 1/ bls.gov/news.release/x…
@DeanBaker13 For Trump's claim to be true, the price of imports from China would have to have fallen as much as tariffs have risen -- a number we can get from PIIE 2/ piie.com/blogs/trade-in…
@DeanBaker13 So here's what it looks like: a big rise in tariffs, a trivial Chinese price cut. Trump's claim is just false 3/
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Paul Krugman
@paulkrugman
A wonkish note about economic shocks and regional economics, inspired by a conversation I had with David Autor, co-author of the famous "China shock" paper 1/ chinashock.info
Here's the background: we know that in aggregate many more jobs end up being displaced by technology than by trade. David argued, however, that trade shocks are more likely to be geographically concentrated in their impact 2/
So for example, containerization destroyed a lot of longshoremen jobs, but these were scattered across multiple big cities, and didn't cut out the core of communities the way that, say, the surge of furniture imports from China did 3/
Read 6 tweets
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Paul Krugman
@paulkrugman
So I gave the lunchtime keynote yesterday at the Boston Fed conference on regional divergence. I didn't use slides; but one point I made is that the feds effectively give large aid to lagging states. Here's Federal outlays and receipts by state by state per capita income 1/
Outlays slightly declining in income, probably bc of means-tested programs; sharply declining as share of income. Receipts strongly increasing in income. So poor states like Kentucky receive gigantic net inflows, ~20 percent of state GDP 2/
This aid creates jobs too! KY has <6K coal miners, around 250K jobs in health and social assistance. Who do you think pays for that? 3/
Read 3 tweets
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Paul Krugman
@paulkrugman
At a Boston Fed conference on regional disparities, and am learning a lot 1/ bostonfed.org/housedivided20…
The stylized fact about America used to be that unemployment differences between regions were transitory, because people moved. And as a paper by Russ and Shambaugh says, this used to be true 2/
But now it's not true at all: unemployment differences very persistent 3/
Read 4 tweets

Related threads

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TheLastRefuge
@TheLastRefuge2
Sorry narrative engineers, but reality begs to differ....

bls.gov/news.release/x…
Oh, this stuff is funny. Quote, from Goldman Sachs:

..."Goldman also said the risk of a final round of tariffs on the roughly $300 billion of remaining imports from China has now risen to 30%."...

😂🤣😂

It's 100% you knuckleheads.

Like they really don't believe he'll do it😂
😂... it gets worse: "“Our baseline expectation is that the U.S. and China will strike a deal later this year. We think this would come in the form of a gradual, staggered reduction in tariffs on a last-in, first-out schedule,” the bank said."...

Dear God, pull up... PULL UP!..
Read 6 tweets
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Baba97
@Baba9773
1) News Roundup! Best Recession Ever, The Panda Doesn’t Want To Become Dinner, Wilburine Drops the Hammer On China’s Ceramic Tiles, PDJT Tweets An Article About His Judicial Armada, Over 100+ Vacancies To Go, Thankfully Presidential Democrats Want To End Coal & Fracking.....
2) The Commerce Department and the Bureau of Labor Statistics (BLS) delivered more excellent economic results from August that continue to exceed MSM expectations.

The Commerce Dept. announced that retail sales climbed by 0.4% in August, twice as high as the 0.2% analysts had
3) predicted. The result highlights retail sales strength of more than 4% year-over-year.

foxbusiness.com/economy/august…

From the article linked above:

The better-than-expected number stemmed largely from a 1.8 percent jump in spending vehicles. Online sales, meanwhile, also
Read 34 tweets
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Baba97
@Baba9773
3)
4) publicpool.kinja.com/subject-remark…
5)

Yesterday, PDJT delivered remarks at the 2019 House Republican Conference Member Retreat Dinner from Baltimore, Maryland.
Read 36 tweets
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Baba97
@Baba9773
1) News Roundup! Economic Train Is Smiling, Farmers Are Prospering Under PDJT, Larry Kudlow, Money Talks & BS Walks, Black Americans Are Continuing To Awaken, Mexico Has Become Our Wall, ThinkProgress Is Dead, CreepySleepyForgetful Joe Biden Is A Walking Disaster, BHO’s People
2) Are Going After Biden, They Hate To Be Ridiculed…..

Another day that the Economic Train was able to show the world that she is not ever going to stop roaring under PDJT.

bls.gov/news.release/e…

From the link above:

The civilian labor force increased by 571,000 workers in
3) in August.

The number of employed Americans jumped up by 590,000 in August.

The number of people not in the labor force dropped by 364,000 in August.

The workforce participation rate increased 0.2 to 63.2 percent in August.

With a tight labor market we are seeing the
Read 49 tweets
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Christophe Barraud🛢
@C_Barraud
🇨🇳 #CHINA Q3 GDP Y/Y: 6.5% V 6.6%E (slowest growth since Q1 2009)
*NBS spokesman Mao Shengyong said that the international situation was bringing “downward pressure” on China.
*Link: bloom.bg/2RVX1ZA
🇫🇷 🇪🇺 🇨🇳 French tire maker Michelin warned of declining sales in Europe and #China in the second half of the year, dragging down shares of its competitors in the U.S. and Europe - Bloomberg
*Statement: bit.ly/2EujhqH
🇺🇸🇨🇳🇪🇺 In a volley of filings, the EU, #China and the U.S. this week escalated disputes over new U.S. metals tariffs, the European response to those levies, and Chinese intellectual property practices - Bloomberg
bloomberg.com/news/articles/…
Read 634 tweets
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Julie Laumann 🌎
@Otpor17
"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"

Harley, hit by tariffs, shifts some production overseas apnews.com/6c8942f7363743…
Important issue highlighted by @riotwomennn: are tariff exemptions determined by bribes?

Corker: "22,000 companies have asked for exemptions.There is no basis to deal with them. Are they going to grant these exclusions based on political contributions?"
Trump’s trade war with the European Union is going to cost Harley-Davidson as much as $100 million a year and force the manufacturer to shift production out of the U.S. bloomberg.com/news/articles/…
Read 232 tweets

Trending hashtags

#presse #MAGA #china #JobsDay #Gerson #News #ProductOfFakeNewsPropaganda #ACCOMPLICE #DomesticTerrorism #FF #SCOTUS #ImpeachTrump #Trump #JobsReport #Indonesia #Students #Insanity #Vietnam #Trump2020 #G20 #God #HollyWeird #Walkaway #tariffs #MemorialDay2019
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