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I know zilch about UK politics. However, worth noting that Johnson promised to move policy left, not right: end to austerity, more resources for NHS. We'll see what he actually does, but that's what he said 1/
Now, Trump did the same thing in 2016, promising to raise taxes on the rich, not cut social programs, etc. He was lying, and has governed like Paul Ryan — a big reason Dems retook the House 2/
And I don't think he can pull the same trick again. Dems should probably hammer Trump on his policy lies, not just his ethical cesspool 3/
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Paul Krugman
@paulkrugman
My colleague David Brooks asserts that rising inequality is about productivity, not power. People used to say that a lot, but the preponderance of economic analysis has moved the other way, for good reasons 1/ nytimes.com/2020/01/16/opi…
Consider just one piece of data: CEO pay. Do we really thing CEOs have gotten hugely better since the 1960s, while workers haven't? 2/
Bear in mind that CEOs get lavishly rewarded even when they screw up massively. 3/ nytimes.com/2020/01/10/bus…
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Paul Krugman
@paulkrugman
OK, a brief thread that's totally nonpolitical and also is basically about something that confuses me. I've been hanging out with May Cheng, Uwe Reinhardt's widow, and we're talking about the economy of Taiwan — and the numbers look weird 1/
According to standard international comparisons of GDP per capita at purchasing power, Taiwan is rich — much richer than Korea, and a bit above Germany (!!) But on a market value basis, it's well below Korea 2/
And Taiwanese wages are far below Korea, just 25 percent of US level. 3/ conference-board.org/ilcprogram/ind…
Read 5 tweets
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Paul Krugman
@paulkrugman
Actually, with Trump trying to put Shelton on the Fed board, this calls for more context, and a trip down memory lane 1/
Back in 2010-11, conservatives were sure of two things: the Fed's efforts to boost the economy would lead to runaway inflation, and Obamacare would lead to massive job destruction. Keynesians declared that neither would happen 2/
The Keynesians were right. There was a brief blip in headline inflation, but core inflation stayed low — and the Fed's view that core is a much better guide was vindicated 3/
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Just Treatment 💊
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Far Left Hate Watch ❌Labour is a racist endeavour
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What the referendum has shown me – thread, please add your own tweets to it: 1/11
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Thiemo Fetzer
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Did #Austerity Cause #Brexit? I have received some comments on the paper that have engaged with the data, but am more than happy to stand my ground. Here is why...
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