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Early indications are that European job losses are much smaller than US; it will be a couple of months before we have hard data 1/ washingtonpost.com/world/europe/h…
One thing people forget is that in the first two years after the 2008 crisis US employment did much worse than Europe. Changes in U from pre-crisis trough: 2/
Europe only started to underperform when the euro crisis and austerity mania hit 3/
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Paul Krugman
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State fiscal crisis watch: notice that revenues are off more than 50% in Kansas and Missouri 1/
Also off 36% in Georgia 2/ ajc.com/news/state--re…
Mitch McConnell may imagine that this is only a blue state problem. It isn't. 3/
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Paul Krugman
@paulkrugman
As Ernie Tedeschi says, tomorrow's report may not reflect where we are right now, which is probably around 20% unemployment 1/
Historical perspective: this is close to estimates of peak unemployment during the Great Depression, and worse than unemployment for most of the 1930s 2/
So what are the top GOP priorities? Restrict access to food stamps, end expanded unemployment benefits, and "terminate" Obamacare 3/ washingtonpost.com/world/national…
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Paul Krugman
@paulkrugman
The other day I wrote about the problem of a Trump team incapable of admitting or learning from mistakes. I didn't realize either how bad it was or how spectacular an example we'd soon see of this character flaw 1/ nytimes.com/2020/05/04/opi…
It turns out that the Trump economics team did some awesomely stupid analysis of epidemiology, a subject of which they know nothing, to produce numbers Trump liked 2/
Their response when this was pointed out was (a) to insist that the dotted line extending their fitted curve into the future wasn't a projection, even though it looked like a projection to everyone who saw it and (b) to slime the critics 3/
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