Profile picture
Paul Krugman
@paulkrugman
, 5 tweets, 1 min read Read on Twitter
Revealing incident in econo-land: defending claims of big wage gains from tax cuts, Greg Mankiw made a math error 1/ bradford-delong.com/2017/10/live-f…
The error isn't important to the argument -- in fact bears no relationship to the question of whether to believe it or not (don't) 2/
So the easy response is, whoops, I confused a tax rate on profits with a tax rate on capital cost, but it's no biggie. But so far ... 3/
What we're seeing is the same response as we saw after predictions of runaway inflation proved wrong: refusal to admit obvious error 4/
It must be something in the water on the right side of the (main)stream 5/
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Paul Krugman
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @paulkrugman see all

Profile picture
Paul Krugman
@paulkrugman
Yes, there's a lot of that. People who acknowledged in 2007 or so that the Bush admin misled us into war, but still considered people who warned in 2002 that this was happening shrill and unreliable 1/
People who now admit that the GOP has spent decades exploiting racism to sell plutocratic policies, but remain contemptuous about those who said exactly that in, say 2007 or earlier 2/
And, of course, people who now concede that the obsessive focus on emails and the failure to connect the dots on Trump-Russia were big failures of 2016 campaign coverage, but are still furious at those who pointed it out in real time 3/
Read 4 tweets
Profile picture
Paul Krugman
@paulkrugman
Meanwhile, in an intellectual universe far, far away: next month I'm going to give the Corden Lecture in Melbourne -- in honor of the great trade economist Max Corden -- and I'm pulling together various facts and figures to talk about international trade 1/
One of the things I'm revisiting is the "China shock" issue, which I think remains widely misunderstood. The claim is not that rapid import growth cost the U.S. jobs on net. It is that the jobs created were different from the jobs lost, and in particular in different places 2/
That is, economic geography played a crucial role. The forces of localization mean that many localities, especially smaller towns and cities, are highly specialized in particular industries -- and get hit hard if those industries shrink for whatever reason 3/
Read 7 tweets
Profile picture
Paul Krugman
@paulkrugman
Liberals are constantly accused of being out of touch with things that matter to regular Americans. And some actually are. But there's being out of touch, and then there's being really out of touch 1/ thehill.com/policy/finance…
Put this in the same basket as Sean Hannity saying high taxes are bad because they'll cut into yacht sales 2/ mediamatters.org/video/2019/01/…
Yet it is true that a lot of working-class white people see someone like Hannity as closer to them than someone like, say, Nancy Pelosi, who has actually fought for their health care and wages. Is it just racism? Is it also anti-intellectualism? 3/
Read 4 tweets

Related threads

Profile picture
JW Mason
@JWMason1
Here is DeLong making the full-ion expansionary austerity case for the 1990s. He is explicitly claiming that the tech boom was directly the result of cutting taxes and reducing government spending. bradford-delong.com/2018/12/clinto…
This is the pure Treasury View, the most simple-minded crowding out story - there is a fixed supply of saving and every dollar of it that the government doesn't use, turns directly into private investment.
"half the cuts came from social insurance programs." In DeLong's world, taking from the poorest is the Lord's work because every meal that a poor mother doesn't eat, every utility bill she can't pay, turns directly into more fiber optic cable and server farms.
Read 12 tweets
Profile picture
Karol 🌿
@karolcummins
😻Spy😻

📌US’ spies b/4 Trump took his oath of office concluded that the Kremlin helped elect Trumpz

📌16 or more TeamTrumpTraitors schmoozed/conspired w/ RUs during campaign or transition

📌Butina did a deal & is cooperating!

📌Buh Bye GOP, CPAC, NRA & TeamTrumpTraitors. 😻
⚠️ALERT⚠️

📌Venezuela welcomes Russian bombers in show of support for Maduro

📌Two nuclear-capable ‘Blackjack’ bombers arrive for exercises
Defence minister insists jets not intended as a provocation

📌Google reveals new security bug affecting more than 52 million users
😻Spy3😻

📌Butina agreed &conspired, w/ Torshin & at least one other person, for Butina to act in the US under the direction of likely Torshin

Recall:

📌Butina sought to establish a “back channel” to “penetrate the U.S. national decision-making apparatus.” #GOPCongress
Read 71 tweets
Profile picture
Steven Dennis
@StevenTDennis
Fun fact: the deficit would be shockingly close to zero today with Clinton-era tax levels.
Back when we had a surplus in 2000, federal revenues were ~20% of GDP.
In 2018, feds spent ~20.3% of GDP
Deficit would have been ~0.3% GDP w/Clinton-2000-era tax $
=*<$100 billion deficit.*
After a succession of tax cuts, revenue has dropped to 16.5% GDP.
Deficit? $779 billion.
2000 arguably an anomaly - top of dotcom boom, etc
But tax cuts as scored by CBO are big part of deficit: Fiscal Cliff deal which extended most of the Bush tax cuts scored as ~$400B deficit for fiscal 2018 alone.
Trump tax law scored as $135B cut in '18; $280B in '19
Read 6 tweets
Profile picture
Penny Midas Rollo
@PennyMidasRollo
001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
#tariffs #NoDeal #Brexit #WTO #ProjectFear #shortages #food #medicines
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
Read 180 tweets
Profile picture
John Garamendi
@RepGaramendi
THREAD: The new tax law is a raw deal for the middle class. 83% of the benefits go to the 1%, and it blows a $1.5 trillion hole in the deficit. But don't just take my word for it, here's 42 examples of how the #TaxScam hurts working families as well as a vision for #ABetterDeal:
A plurality—42%–think the tax cuts favor the wealthy most of all. Only 29.6% say they favor the working and middle class. finance.yahoo.com/news/trump-tax…
The Great Snake Oil Slump nytimes.com/2018/04/19/opi…
Read 53 tweets
Profile picture
Every Voice
@EveryVoice
THREAD --> We're rounding up letters to the editor from people around the country who are NOT pleased that Congress wants to cut taxes for their rich donors and the expense of their constituents. Let's begin:
In Lancaster, Wayne writes: "they should be more worried now that they have admitted they are corrupt" lancasteronline.com/opinion/letter… cc: @RepSmucker @PatToomey
In Minnesota, this constituent is mad at @RepJasonLewis for supporting a bill that "skews dramatically toward the donor class, which supports politicians." southernminn.com/northfield_new…
Read 14 tweets

Trending hashtags

#USSFitzgerald #technology #Azov #French #cars #auspol #employment #ProjectVeritas #membership #906ER06 #DistributedLethality #ProjectFear #WTO #SeaControl #policy #presidential #Kompromat #companies #Regulation #alcohol #ThePatriotTimes #RedWaveRising2018 #NavyPride #ECJ #EMA

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($3.00/month or $30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!