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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
Verified account
@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    Noah Smith‏Verified account @Noahpinion Oct 16

    Noah Smith Retweeted Michael R. Strain

    Allow me to disagree fairly strongly with my colleague here. Cutting taxes for rich people and then dealing with the resulting deficits by cutting spending on poor old people is bad policy.https://twitter.com/MichaelRStrain/status/1052264773071572993 …

    Noah Smith added,

    Michael R. StrainVerified account @MichaelRStrain
    My column: "On Monday, the Trump administration announced that the budget deficit had risen 17 percent in fiscal 2018, to $779 billion, driven largely by falling federal revenues." https://www.bloomberg.com/view/articles/2018-10-16/if-republicans-won-t-cut-medicare-who-will …
    Show this thread
    11:46 AM - 16 Oct 2018
    • 85 Retweets
    • 356 Likes
    • Steve Davis John Lyddon stbici Kevin Halter Joshua Booth Theo blue moon rising Matthew Stafford Tatil Sever
    23 replies 85 retweets 356 likes
      1. New conversation
      2. Marc Goldwein‏Verified account @MarcGoldwein Oct 16
        Replying to @Noahpinion

        But @MichaelRStrain says "middle-class entitlement programs", not means-tested programs. I think three important points must be made: 1) The majority of Social Security spending are paid to the top ~1/3 of retirees. And lifetime benefits for the rich are rising fast 2)

        1 reply 0 retweets 4 likes
      3. Marc Goldwein‏Verified account @MarcGoldwein Oct 16
        Replying to @MarcGoldwein @Noahpinion @MichaelRStrain

        2) Medicare cost growth can be significantly reduced through policies that have little to no effect on average health outcomes or average out of pocket spending for most Medicare beneficiaries 3) Revenue must be part of the solution to fund Social Security and Medicare - but

        1 reply 0 retweets 3 likes
      4. Marc Goldwein‏Verified account @MarcGoldwein Oct 16
        Replying to @MarcGoldwein @Noahpinion @MichaelRStrain

        likely can't and won't be the entirety of the solution.

        0 replies 0 retweets 1 like
      5. End of conversation
      1. Andrew Hoffmann‏ @adhoffma Oct 16
        Replying to @Noahpinion

        With takes like the one your colleague has served up, it's not surprising that people think economists are terrible and should be ignored.

        0 replies 0 retweets 9 likes
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      1. DanaBlankenhorn‏ @danablankenhorn Oct 16
        Replying to @Noahpinion

        You missed an important word in this tweet. Growth. Cutting taxes on the rich and then cutting spending on the poor is very bad growth policy. Which means it's bad for rich people, not just poor people.

        0 replies 0 retweets 8 likes
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      1. Ian Monroe‏ @eean Oct 16
        Replying to @Noahpinion

        good policy: cutting taxes on rich people and then one election later restoring taxes on rich people to 'pay for' increasing spending on poor people

        0 replies 0 retweets 7 likes
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      1. New conversation
      2. John Breen‏ @johndavidbreen Oct 16
        Replying to @Noahpinion

        That’s true to a point—regarding the poor—but he specifically is talking about middle class entitlements. Why not transform SS and Medicare into a safety net for poor seniors rather than seniors in general?

        2 replies 0 retweets 1 like
      3. StuckInTheMiddle‏ @StuckIn48403550 Oct 16
        Replying to @johndavidbreen @Noahpinion

        Because most seniors would be poor without it.

        1 reply 0 retweets 1 like
      4. John Breen‏ @johndavidbreen Oct 16
        Replying to @StuckIn48403550 @Noahpinion

        I’d be interested to see the numbers on that. But that doesn’t matter; means-testing them would at least save some money that for some reason we’re paying out to middle- and upper-class people now.

        2 replies 0 retweets 0 likes
      5. StuckInTheMiddle‏ @StuckIn48403550 Oct 16
        Replying to @johndavidbreen @Noahpinion

        Here you go:pic.twitter.com/rN1EvxeOA0

        1 reply 0 retweets 4 likes
      6. StuckInTheMiddle‏ @StuckIn48403550 Oct 16
        Replying to @StuckIn48403550 @johndavidbreen @Noahpinion

        Since the percentage of beneficiaries above $100,000 is so. small, I have to wonder if the cost to do the means testing would outweigh the amount paid out. More sensible to extend Medicare to everyone.

        1 reply 0 retweets 1 like
      7. John Breen‏ @johndavidbreen Oct 17
        Replying to @StuckIn48403550

        That last sentence is a total non sequitur; Medicare is already completely unsustainable. Furthermore, Medicare benefits already depend to some extent on a person’s financial means.

        1 reply 0 retweets 0 likes
      8. John Breen‏ @johndavidbreen Oct 17
        Replying to @johndavidbreen @StuckIn48403550

        As far as SS, it appears from what you sent that we could meaningfully reduce spending by means-testing. But of course fundamental SS reform isn’t as pressing.

        1 reply 0 retweets 0 likes
      9. John Breen‏ @johndavidbreen Oct 17
        Replying to @johndavidbreen @StuckIn48403550

        In any case, the more we can do to ensure there are no middle-class entitlements, the better.

        1 reply 0 retweets 0 likes
      10. 2 more replies
      1. New conversation
      2. bfg‏ @bfgcpw Oct 16
        Replying to @Noahpinion

        Not if you’re rich Noah

        1 reply 0 retweets 0 likes
      3. AletheiaAtheos 🌈 🌹 🍞 🏥 ⚡ 🌐 🌳 📚 🏡 ⚖️ 💵 🕢‏ @AletheiaAtheos Oct 16
        Replying to @bfgcpw @Noahpinion

        It actually is bad policy for the majority of rich people too. Rich people having more money in their nest egg doesn't boost the general economy, but the drop in spending by poor people will drop the velocity of money/reduce consumptions/reduce consumers.https://www.washingtonpost.com/news/wonk/wp/2018/02/06/how-rising-inequality-hurts-everyone-even-the-rich/?utm_term=.2bf12b1788b6 …

        0 replies 0 retweets 6 likes
      4. End of conversation
      1. Michael Hoexter  🔥‏ @mike_cal Oct 17
        Replying to @Noahpinion @kimmaicutler

        First mistake here is assuming you have to “deal” with the deficits. This is the Charlie Brown, Lucy plus football problem that Democrats set themselves up for by claiming like Pelosi to desperately be worried about deficits. Tragic, damaging hilarity ensues @StephanieKelton

        0 replies 0 retweets 2 likes
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      1. SpinZero‏ @SpinZero00 Oct 16
        Replying to @Noahpinion

        I mean without exaggeration that is pretty much the entire playbook for the modern GOP.

        0 replies 0 retweets 2 likes
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      1. adrian hsieh  🚀‏ @accidentalflyer Oct 16
        Replying to @Noahpinion

        Also, from a directional perspective this is the surefire way to lead a country down the path of being a failed state.

        0 replies 0 retweets 2 likes
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      1. Woo hoo Sox‏ @thatluckyolsun Oct 16
        Replying to @Noahpinion

        Not if you think that poverty is a personal failing and that the poor should be ruthlessly punished.

        0 replies 0 retweets 2 likes
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