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Early signs are that we're fumbling the economic response to Covid-19 almost as badly as we fumbled the public health response 1/ nytimes.com/2020/04/09/bus…
And instead of focusing on making disaster relief work, you-know-who is back to potentially deadly fantasies about reopening the economy 2/ washingtonpost.com/national/trump…
As I've been saying, we suffer from learned helplessness when it comes to using government for good. And it may kill many Americans 3/ nytimes.com/2020/04/06/opi…
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Paul Krugman
@paulkrugman
As states exchange insults over who subsidizes who (yes, blue states subsidize red states), some people I've been talking to are suggesting that red states may face a worse fiscal crisis than blue this time around, bc of their different revenue bases 1/
Look at the big four. CA and NY get most of their revenue from income taxes, which may hold up fairly well: high-income workers less likely to be laid off, often able to work from home. FL and TX have no income tax, dependent on sales taxes, which must be plummeting 2/
We'll see. But not too surprising if a few months from now FL and TX are screaming for an aid package. 3/
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Paul Krugman
@paulkrugman
Can we get real here? There's no evidence that the GOP base cares about deficits or excess spending per se. The Tea Party wasn't a rebellion against deficits — it was a rebellion against spending to help poor people and minority groups 1/ washingtonpost.com/politics/repub…
Let's also be clear that concerns about the economic effects of deficits in a depressed economy persist, to the extent they do, in the teeth of all evidence 2/
Right now CBO is projecting deficits for 2020 close to WWII levels as a share of GDP — and long-term interest rates are close to a record low. The best way to think about all of this is that it's about finding excuses not to help Those People and to punish blue states 3/
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Paul Krugman
@paulkrugman
One month ago 1/ cnbc.com/2020/02/25/lar…
Sorry, 2 months 2/
3 months ago 3/ nytimes.com/2020/01/30/bus…
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