Paul Krugman Profile picture
Nov 13 6 tweets 1 min read
Can Ron DeSantis effectively challenge Trump? I have no idea. But one thing I hope doesn't get forgotten in the horse-race coverage is DeSantis's major achievement as governor: the unnecessary death of around 20,000 Floridians 1/
Here's how I get that number. Compare Covid deaths by state since Jan. 1, 2021 — roughly when vaccines became widely available. (2020 comparisons distorted by early carnage in New York areas when we didn't know it was airborne) 2/
By state, deaths since then are

FL 59,170
CA 70,565
NY 35,247

But CA has a much larger population than FL, NY a slightly smaller one. 3/
Adjusted for population, the Florida-equivalent death toll was

FL 59,170
CA 39,217
NY 39,551

So states that didn't have governors promoting Covid disinformation and anti-tax propaganda lost far fewer people — the equivalent of ~20K excess in FL 4/
Why didn't DeSantis pay a price for this? Because Covid victims die out of the public eye, offscreen as it were. A resident of Florida is ~20X as likely to die gratuitously from Covid as a resident of NY is to be murdered, but crime makes headlines while other deaths don't 5/
And no, it's not about freedom. We're not talking about lockdowns and restrictions at this point, just about lifesaving shots that DeSantis deterred people from getting. Truly awesome 6/

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More from @paulkrugman

Nov 12
So Democrats held their own, even though the party in the WH usually loses in midterms, and despite inflation and negative views about the economy. Do political analysts realize how much more favorable the environment is likely to be in 2024? 1/
Inflation is almost certain to come down. A recession is possible, but likely to be over by late 2024 — in fact, a slump in 2023 might even perversely be good for Ds, because the economy could be bouncing back in time for the election — think morning in America 2/
Median Survey of Professional Forecasters prediction for unemployment and inflation, stacked misery index style. Of course they don't know, but plausible 3/
Read 4 tweets
Nov 10
A good inflation report — core inflation for October only 3.6% annualized. Monthly data are volatile; still 6% over the past 3 months. But shelter accounts for more than half of that — and it's a lagging indicator 1/
Overwhelming evidence now that growth in new tenant rental rates has slowed dramatically and maybe even gone negative. This will feed into BLS shelter index with a lag. Between this report and the wage numbers, good reason to believe underlying inflation coming under control 2/
A soft landing is looking increasingly plausible. 3/
Read 4 tweets
Nov 9
Feeling somewhat pleased with myself: I went to bed early, figuring that doomscrolling would be bad for my health, and woke up to discover that the red wave had been a small ripple. A few thoughts 1/
First, Democrats really outperformed the fundamentals. The party that holds the White House almost always loses seats in the midterms. At this point, if I believe The Needle, Ds are likely to hold the Senate and still have a small chance in the House 2/
Especially remarkable because the economy was unfavorable. Here's the "misery index", inflation plus unemployment — as bad as it was when Obama got his shellacking, much worse than when Clinton got his 3/
Read 12 tweets
Nov 6
So, I've opened a Mastodon account as a precaution against the possible Muskocalypse on this site: mastodon.online/@pkrugman

Let me talk about motivation, which may be a bit different from other Twitterati 1/
I use Twitter in a somewhat restricted way. I don't, for the most part, respond to or even look at replies — too many followers, and too much hate even with content moderation. I do dialogues, when I do, via retweets 2/
What I use the site for is partly broadcasting, but mostly to follow people who actually know a subject, whether it's energy policy or national security. Getting information from such people in more or less real time is extremely valuable 3/
Read 5 tweets
Nov 4
Indeed. Monthly numbers are volatile; smoothed wage growth is only a bit above pre pandemic level 1/
If you were worried that we needed much lower wage growth to make up for declining productivity, yesterday's report suggests that the decline earlier this year wasn't a sustained trend; probably a temporary effect of high churn 2/
Here's the picture. My guess is that we'll soon see productivity growth, though not necessarily level, return to historical norms 3/ Image
Read 4 tweets
Nov 2
My guess is that hardly any voters know that Republicans will almost surely try to make major cuts to Medicare and Social Security if they prevail 1/ nytimes.com/2022/11/02/us/…
The Republican Study Committee report calling for big cuts is a piece of work. 2/ banks.house.gov/uploadedfiles/…
I was really struck by the way it justifies raising the age of eligibility for both SS and Medicare by rising life expectancy 3/
Read 7 tweets

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