(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 …
International Relations prof at U. Illinois. Senior Editor @ArcDigi. Author “Drones and Terrorism.” Politics, national security, and occasional nerdery.
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Nicholas Grossman Retweeted Maya MacGuineas
(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 …
Nicholas Grossman added,
Krugman in 2016: more deficit spending in general would've been better in 2009, but interest rates are low, so borrow to invest in infrastructure
@paulkrugman in 2018: general deficit spending isn't needed now, but interest rates are low, so borrow to invest in infrastructure
2/x
It's the same argument based on macroeconomic conditions, not a flip-flop based on political conditions.
If @MayaMacGuineas read the articles, or listens to Krugman and his fellow Keynesians in general, she'd know this.
Dishonest? Or didn't bothering reading?
3/x
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)
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