As usual, if you’re looking for only the hottest of takes that often turn out to be completely wrong, there’s no better place to turn than the Twitter feed of The New York Times’ Paul Krugman. Today’s lesson from the Nobel Laureate economist is on national debt:
Repeat after me: debt is money we owe to ourselves. It doesn't make the nation as a whole poorer. https://t.co/yyAkexUV0N
— Paul Krugman (@paulkrugman) May 22, 2020
Senator Ted Cruz had to add a disclaimer:
Only if by “ourselves” you mean China. https://t.co/5Cn20gRdDB
— Ted Cruz (@tedcruz) May 23, 2020
Yes, that was an important not-so-minor detail to note.
Is this guy actually an economist…??? I he suggesting that the next time I'm broke, I can just loan myself money? I'm not sure it works that way…;
— Chad Helme (@chad_helme) May 23, 2020
Yeah, we’re a little confused too, but Krugman’s got the awards and accolades so who are we to question his wisdom? *Eye roll*
