(THREAD) This is wrong on multiple levels, indicting the media, the DC "deficit hawk" industry, and popular understanding of macroeconomics.https://twitter.com/MayaMacGuineas/status/964485667035209730 …
You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more
The articles are consistent, but the headlines flip-flop
Clickbait sensationalism has infected the media, even established organizations like @nytimes
Both articles could've been headlined "Let's Borrow And Invest In Infrastructure," but that wouldn't get partisan hate clicks
4/x
Meanwhile, the professional "deficit" hawks ran around with their hair on fire trying to stop efforts to fight the Great Recession (unemployment: 10%), but are oddly quiet about 2017's massive deficit increases (unemployment: 4%). Maybe the deficit isn't what they care about? 5/x
My point isn't that @paulkrugman's right that borrowing for infrastructure is good and borrowing for share buybacks and dividends (the tax cuts' main effect) is bad.
You could argue that it's better to put money in investors hands than have the government build infrastructure
6/x
But @MayaMacGuineas and @FixtheDebt don't make that argument. Instead, they ignore macroeconomic conditions, denouncing deficits during bad economic times more than good economic times. And call for entitlement cuts no matter what.
7/x
I find this frustrating, because I support entitlement reform. On our current path, Medicare, Social Security, and interest will swamp everything else. That's one reason increasing the deficit so much while the economy is doing well was a mistake. 8/x
Professional "deficit" hawks do a disservice to the cause of responsible long-term budgeting by ignoring macro conditions, prioritizing cheap political points over honest economic arguments, and, most importantly, by not caring about the actual deficit. (END)
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.