Greg argues that Trump is finally paying a price for his nonstop lying. I guess; but I still don't think the media have fully learned how to deal with this 1/ washingtonpost.com/opinions/2020/…
A trip down memory lane: I started writing for The Times during the 2000 campaign, in which GW Bush was obviously lying about taxes, Social Security, and more. But I was told that it wasn't OK to use the word "lie" 2/
Obviously we've gotten past that point. But you still have a lot of reports that normalize what's happening ("Candidates show sharp differences"). 3/
And we also still get theater criticism instead of substance: "Trump set a new tone" because although he lied about everything he did it without screaming and throwing things 4/
The good news, I think, is that many voters have wised up; whatever the soothing headlines, they know that anything Trump says should be presumed false unless proved otherwise 5/

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More from @paulkrugman

25 Oct
Many people have probably heard about the Great Barrington Declaration, denouncing social distancing and calling for "herd immunity." It's popular with the White House, and it's the product of a Koch-linked think tank 1/ nytimes.com/2020/10/19/hea…
So I've been going through articles from the American Institute for Economic Research, and found one from five weeks ago lauding South Dakota as "a fortress of liberty and hope protected from the grasps of overbearing politicians." 2/
Here's the article: 3/ aier.org/article/south-… Image
Read 4 tweets
18 Oct
Good report, but I'm not sure that it does enough to inform readers about the background of the "economists" claiming that the Biden tax plan would be a disaster 1/ nytimes.com/2020/10/18/bus…
They're the same people who made extravagant claims about what the Trump tax cut would accomplish — claims supported by almost no reputable economists. The IGM poll: 2/ igmchicago.org/surveys/tax-re…
In the event, the promised huge surge in business investment completely failed to materialize 3/ calculatedriskblog.com/2020/08/the-fa…
Read 5 tweets
14 Oct
What should economists work on? What kind of work should be honored? Branko has some intriguing thoughts, some — but not all of which — I agree with 1/
He's right that economics should be trying to answer the big questions. On the other hand, research should focus on questions it can actually answer. Raymond Chandler in "The simple art of murder": 2/
PS, "other things being equal" — Chandler sounding like an economist! Anyway, something to be said for not biting off more than anyone knows how to chew 3/
Read 7 tweets
14 Oct
This analysis got somewhat lost in the shuffle, but Charles Koch is going big for Barrett — not bc he hopes she'll destroy Roe or the ACA, but because he hopes she'll destroy the planet 1/nytimes.com/2020/10/12/opi…
That is, the most consequential effects of a stolen R court majority may not be on health care or right to choose — important as they are — but on gutting environmental policy. And the survival of civilization seems to me more important than imaginary norms 2/
A further thought. My guess is that if Ds take both the WH and the Senate, the stolen court won't overturn Roe or the ACA, which it knows would lead to quick court expansion. Instead, it will save its ammunition so it can engage in sustained sabotage of environmental policy 3/
Read 4 tweets
13 Oct
I'm fascinated by the way Trump keeps citing the stock market as proof of how well he's doing. Aside from the fact that it's a terrible indicator of the economy at large, I do not think this market means what he thinks it means 1/
The recent market rise has taken place mainly since the first presidential debate 2/
You know what else has happened since that debate? Biden's lead seems to have expanded by about 3 points, possibly putting him in landslide territory 3/
Read 8 tweets
12 Oct
As I and others often say, the stock market is not the economy. It never was. But it may be even less the economy than it used to be, according to a new paper by Schlingemann and Stulz 1/ nber.org/papers/w27942?…
They show that there's a declining correlation between a firm's share of employment and its share of stock market value 2/
Case in point: in the 1950s the biggest market cap was either AT&T or GM, which were also the top 2 employers. In 2019 it was Apple, which was only the #40 employer. 3/
Read 4 tweets

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