Fun With Columbia Economist

  1. @beardbrain @jobelenus Delong assumes prob is demand; that demand is easily fixed; & deficits don't lose political capital. Doubtful x 3.
  2. @jobelenus @beardbrain He's repeatedly called for even larger deficits & stated not to worry about borrowing when interest costs are low.
  3. @jobelenus @beardbrain CBO rightly & prudently projects rising path of interest to GDP during the decade, squeezing out vital spending.
  4. @jobelenus @beardbrain There's a Keynesian view deficit spending pays for itself & supply siders think tax cuts do so. I doubt both.
  5. @JeffDSachs rhetoric makes simple positions data shows nuance. $ in downturns is needed (unsurprisingly). supply-side failing for 30yrs now
  6. @jobelenus Supply-side tax cuts failed but short-run "stimulus" is also weak policy. Need sustained public investments backed by taxes.
  7. @JeffDSachs and K has called for that infrastructure investment, and for tax increases on wealthy. but your article whitewashs him instead
  8. @jobelenus It's 1 thing to call for "shovel-ready" investments & another to make serious plans. The US has not done that. Short-termism.
  9. @JeffDSachs i agree (and so does K) entirely.. it's a disaster of political proportions
  10. @jobelenus I'm drawing the distinction between a serious investment policy and Keynesian dial to boost "demand." I doubt the dial.
  11. @jobelenus Obama's mistake was failure to lead with serious plans. He could have carried the country over the Republican reactionaries.
  12. @JeffDSachs over the GOP fillibuster put up against the infrastructure bill you mean? unfortunately votes still matter in Congress
  13. @JeffDSachs its not like Keynesian-minded folk oppose big infrastructure projects (most dont). We see a tool that can help, no one using it
  14. @jobelenus Yes, but the administration did not do its homework or plan for long-term programs. Very short term.
  15. @JeffDSachs what *hasnt* gotten filibustered, perhaps a better question. This do-nothing Congress has passed 3x less bills than the original
  16. @jobelenus It's the approach to governance that I'm addressing. Keynesian thinking is about short-term demand, not about governance. True.
  17. @jobelenus Keynesians have embraced tax cuts as well as spending, because they focus on demand, not on public goods. That's a mistake.
  18. @JeffDSachs Keynes never put out a whole comphrensive program. It was observations and tools. Seems you're putting words in people's mouths
  19. @JeffDSachs well, there really *arent* any public goods anymore. everyone is just grabbing as much as they can before the implosion
  20. @jobelenus I'm not putting words in mouths. I'm talking about the diff of short-termism and long-term strategy. Thx for the convo.
  21. @JeffDSachs well I know people who use Keynesian tools think long-term, apparently you think that is mutually exclusive #goodconvo #ty
  22. @jobelenus The 2009 stimulus crowded out effective public investments by championing "shovel-ready" projects and by promoting tax cuts.
  23. @JeffDSachs i'd love to see the data thereā€¦ because the crisis was the crisis was a failure of public investment. No one would invest in GM
  24. @jobelenus Agree. I was a big early proponent of GM intervention & helped it along. I'm talking about energy, infrast, education, more.
  25. @JeffDSachs if crisis was "public investment is shutting down" how can you say "Gov't stimulus got in the way of public investment"
  26. @JeffDSachs and, now that stimulus has been absent for months, where is the public investment? if they're so eager where are they?
  27. @jobelenus The administration made no long-term plans, and gave up fiscal space within a few weeks. Very costly fiscally and politically.
  28. @jobelenus Nobody is eager. We need leadership and plans. I've tried to describe needs in Price of Civilization. Perhaps you'll read it.
  29. @JeffDSachs so if private companies won't invest how did Gov't get in their way when making investments? They have to show intent
  30. @JeffDSachs I'll look into the infrastructure bill and see about long-term plans, i hadn't heard that. #thankyou
  31. @jobelenus You misunderstood me. Public investment means gov investment. The stimulus got in way of serious long-term gov investment.
  32. @JeffDSachs ah, i did. But when you have a disaster you focus on the disaster. We were all clamoring for a large New Deal of infrastructure
  33. @JeffDSachs though, even Dems rejected 1st larger stimulus put in by the Obama administration. Congress failed to realize size of problem
  34. @jobelenus That was right approach. Gov should have pushed that, rather than a hodge-podge of tax cuts and spending that got us little.
  35. @jobelenus Yes but the package wasn't convincing. Should have put forward serious plans over several months, not $900b over weeks.
  36. @JeffDSachs and now Congress cuts funding to states, which means education is getting slashed. Hard to lead when people refuse to hear