Thread by @delong

@jdportes @Mikepeeljourno @Sime0nStylites @adam_tooze Þere is a big difference between the economic policies þt are appropriate for a time of high real interest rates wiþ substantial gearing between very recent inflation & expectations & one of very low real interest rates wiþ anchored expectations. Þe failure of professional... 1/

@jdportes @Mikepeeljourno @Sime0nStylites @adam_tooze ...Republican economists to even try to design a pro-growth tax cut since... well, since forever... has also been an education, a brutal one. It seems as if we believe in our models & are discipline, while for them it is a grift all þe way down.

All the people who said we... 2/

@jdportes @Mikepeeljourno @Sime0nStylites @adam_tooze ...would get an extra 5%-points of NI of private investment from Trump-McConnell-Ryan, and þt it would boost short-term growth by 0.5%/year & long-term real NI by 10%. Where are þere post-mortems? Where are þere apologies? Where are þere explanations of how their models... 3/

@jdportes @Mikepeeljourno @Sime0nStylites @adam_tooze went wrong? Þe only one of þe cheerleaders I have seen event attempt an explanation is Holtz-Eakin, who phones it in, saying þt Trump-McConnell-Ryan boosted private investment by 5%-points of NI but þt Trump's trade wars þen shrank it by 5%-points of NI. Wiþout any center-...

@jdportes @Mikepeeljourno @Sime0nStylites @adam_tooze ...right technocrats to debate & negotiate wiþ, Popular Front is þe only viable governing strategy. & if right-of-center economists don't believe þeir models are worth anything—don't think it is worth analyzing þem to see where þey went wrong & so improve þem—why should...

@jdportes @Mikepeeljourno @Sime0nStylites @adam_tooze ...we presume þey have anything to teach us about þe structure of þe economy? 6/END