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Paul Krugman
Paul Robin Krugman (born February 28, 1953) is an American economist, Distinguished Professor of Economics at the Graduate Center of the City University of New York, and an op-ed columnist for The New York Times. In 2008, Krugman won the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography.

Paul Krugman

The Covid-19 Slump Has Arrived

Over a normal two-week period we’d expect around half a million U.S. workers to file claims for unemployment insurance. Over the past two weeks we’ve seen almost 10 million filings. We’re facing an incredible economic catastrophe.The question is whether we’re ready to deal with this catastrophe. Alas, early indications are that we may be handling fast-moving economic disaster as badly as we handled the fast-moving pandemic that’s causing it.The key thing to realize is that we aren’t facing a...

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Notes on the Coronacoma (Wonkish)

The economic contraction we’re experiencing is the fastest on record, by a large margin; we’ve probably lost as many jobs over the past two weeks as we did in the whole of the Great Recession. The policy response is also gigantic, several times as large a share of GDP as the Obama stimulus.But it seems to me that we’re still not having a very clear discussion of the economics of what’s happening, why we’re doing it, and what implications all this will have for the longer term, once the...

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This Land of Denial and Death

Death comes at you fast. Just three weeks ago the official line at the White House and Fox News was that the coronavirus was no big deal, that claims to the contrary were a politically motivated hoax perpetrated by people out to get Donald Trump. Now we have a full-blown health crisis in New York, and all indications are that many other cities will soon find themselves in the same situation.And it will almost certainly get much worse. The United States is on the worst trajectory of any...

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Covid-19 Brings Out All the Usual Zombies

Let me summarize the Trump administration/right-wing media view on the coronavirus: It’s a hoax, or anyway no big deal. Besides, trying to do anything about it would destroy the economy. And it’s China’s fault, which is why we should call it the “Chinese virus.”Oh, and epidemiologists who have been modeling the virus’s future spread have come under sustained attack, accused of being part of a “deep state” plot against Donald Trump, or maybe free markets.Does all this give you a sense of déjà...

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On Coronavirus, We’re #1

It’s hard to believe, but just a month ago Donald Trump and his henchmen were dismissing the coronavirus as a nonevent. On Feb. 26 Trump declared that “You have 15 people, and the 15 within a couple of days is going to be close to zero.” His remark came a day after Larry Kudlow, his administration’s chief economist, declared that the virus was almost completely contained, and that the economy was “holding up nicely.”There are now more than 82,000 cases in the U.S. — we don’t know how many...

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Republicans Add Insult to Illness

If you want a quick summary of the state of play over fiscal stimulus legislation, here it is: Republicans insist that we should fight a plague with trickle-down economics and crony capitalism. Democrats, for some reason, don’t agree, and think we should focus on directly helping Americans in need.And if legislation is stalled, as it appears to be as I write this (although things change fast when we’re on Covid time), it’s because Mitch McConnell, the Senate majority leader, is holding needy...

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3 Rules for the Trump Pandemic

So Donald Trump is now calling Covid-19 the “Chinese virus.” Of course he is: Racism and blaming other people for his own failures are the defining features of his presidency. But if we’re going to give it a nickname, much better to refer to it as the “Trump pandemic.”True, the virus didn’t originate here. But the U.S. response to the threat has been catastrophically slow and inadequate, and the buck stops with Trump, who minimized the threat and discouraged action until just a few days...

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Step Aside for Powell and Pelosi

America’s catastrophically inadequate response to the coronavirus can be attributed largely to bad short-term decisions by one man. And I do mean short-term: At every stage, Donald Trump minimized the threat and blocked helpful action because he wanted to look good for the next news cycle or two, ignoring and intimidating anyone who tried to give him good advice.But here’s the thing: Even if he weren’t so irresponsibly self-centered, he has denuded the government of people who could be giving...

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It’s a MAGA Microbe Meltdown

For three years Donald Trump led a charmed life. He faced only one major crisis that he didn’t generate himself — Hurricane Maria — and although his botched response contributed to a tragedy that killed thousands of U.S. citizens, the deaths took place off camera, allowing him to deny that anything bad had happened.Now, however, we face a much bigger crisis with the coronavirus. And Trump’s response has been worse than even his harshest critics could have imagined. He has treated a dire...

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Trump Can’t Handle the Truth

Over the weekend Donald Trump once again declared that the coronavirus is perfectly under control, that any impressions to the contrary are due to the “Fake News Media” out to get him. Question: Does anyone have a count of how many times he’s done this, comparable to the running tallies fact checkers are keeping of his lies?In any case, we’ve pretty clearly reached the point where Trump’s assurances that everything is fine actually worsen the panic, because they demonstrate the depths of his...

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