You're Hired! Untold Successes and Failures of a Populist President is "an insightful, honest, book A MUST READ for anyone interested in the Trump White House"
SAD: Look at this Cook County chart. I had estimated that pandemic increased opioid overdoses by 20%. Maybe a good number for late Mar or early Apr, but by May: 40%. 1/4
The Young were not Spared: What Death Certificates Reveal about Non-Covid Excess Deaths with Rob Arnott, 2022
Medical journals tried to suppress these findings and succeeded, until now. This health emergency continues.
@DrJBhattacharya
@TracyBethHoeg
Did anyone notice the implicit marriage tax in section 23001 of BBB? Could easily be $20K/yr that a couple has children under 5. How is that Building Back Better? More marriage taxes in other sections.
Here is our government (
@FDA
) slandering its citizens, ignoring its own findings in order to describe many of them as animals.
According to the
@FDA
's own Orange Book, Ivermectin (tablet) has been approved for HUMAN use since 1998. By 2014, it was available in generic form. 1/2
How quaint! Way back in 2008 the ACLU opposed "punitive, police-state tactics, such as forced examinations, vaccination and treatment, and criminal sanctions for those individuals who did not follow the rules."
@DrJBhattacharya
I'll let others argue the effect of inflation on housing costs. Here are 16 other ways that Biden-Harris made new houses more expensive, whether owned or rented.
They tightened regulations on:
microwave ovens (88 FR 39912),
conventional ovens (89 FR 11434),
1/3
These new estimates of school-closure costs are remarkably close to what I predicted in April 2020, which was that 1.5 academic years on Zoom would cost 0.75 years of learning, worth about $32K PER STUDENT.
published version:
"I have been shocked at the enormous power of government, to unilaterally decree, to simply close businesses & schools by edict...without any end and little accountability."
Me too. This part was totally absent from CEA's 2019 report on pandemics.
If only there were an equilibrium presentation of price controls. Even better, with grocery ceilings as a leading example.
Oh wait ... forthcoming in Public Choice.
@DrJBhattacharya
It's worse -- the panic and disruption made it more expensive/difficult to cope with chronic conditions. Those conditions got worse and sometimes ended in death. I estimate the annual rate of nonCOVID deaths has been elevated 100K since April 2020. Plus other sacrifices. 1/2
At least one Congressperson thinks that the bonus is $300/month. No, it's $300 per week.
Not an important detail to her -- it's not her expense -- it's ours.
The interests of big business are at war with the interests of the working class. They will spend millions of dollars to take $300 a month away from you and your family, to force you to work for them for pennies.
Their greed has no bounds.
"False" is the new True. The inflation reduction act DID cut Medicare steeply, and Dems are just now realizing it because they don't understand price controls.
How to get published in the
@nytimes
: crop the data
and then conclude that gas is failing when it falls short of 9X wind. Don't mention that it is normally 1.4X.
@veronica_penney
why did you start your chart on Feb 11?
[ht to
@JoeBalagtas
]
6 years ago we at CEA45 released a report on how central planning and other aspects of socialism were making a comeback in the U.S. It was widely mocked as an irrelevant fever dream.
I’m sending a clear message to corporate landlords: If you raise rents more than 5%, you should lose valuable tax breaks.
Families deserve housing that’s affordable – it's part of the American dream.
Nursing homes have been doing something right this year. Biden's vaccine mandate for NH staff "fixes" what is not obviously broken, with potentially more than 1/3 of nursing home staff having to leave their positions. The positions are important inputs in producing longevity.
First-class labor economist and cofounder of STATA, Finis Welch, has died unexpectedly. The
@uchicago
PhD showed how unemployment benefits are a subsidy for layoffs, how modern agriculture is education intensive, and much more.
The Biden-Harris administration and Tim Walz worked together to racially allocate monoclonal antibodies, denying whites lifesaving treatment because of their race.
FDA prohibited this under Trump. They allowed it under Biden-Harris starting May 2021 and Walz implemented it.
When Argentina regulates retail beef prices, the non-price attributes of beef change dramatically.
When USA regulates the price of job, why wouldn't the non-price attributes of jobs change dramatically? Do jobs have too few non-price attributes?
Argentina pic from this week
When we asked our restaurant employees to come back, almost all said, ‘No thanks.’ If they return to work, they’ll have to take a pay cut, writes Kurt Huffman via
@WSJ
USSR had “Scientific planning” while the USA — foolishly, Samuelson said — let chaos take its course.
Such assertions still appeared in the 1989 edition, coauthored with Nordhaus by then.
On the topic of Russia, beginning in the 1961 edition of his famous "Economics" principles textbook, MIT economist Paul Samuelson famously predicted that the USSR GNP/GDP would eclipse that of the United States by the end of the 20th century. Never quite panned out.
Yes in Europe too. This has always been a major theme in my public Econ course.
What about regulation? Certainly COVID regulation was in that direction.
Since Trump left office, U.S. oil production has fallen at least 10 percent relative to Canada and Russia. Why do they get to increase their production in response to high oil prices and we don't?
Another way is to look at the state of supply -- U.S. is almost 2 MMB/D short.
@DrJBhattacharya
They also forget that meeting other people is why we’re are 1000X more productive than cave men… more productive at just about everything, including disease prevention.
With externalities, there can be a third way between uncoordinated individual action and state action. From my first public finance class, I wanted this idea better integrated with the rest of the PF.
20 years later, here is a step in that direction:
Big sample. Because there cannot be negative cases, a Bayesian must conclude that in-person instruction makes students, teachers, and staff safer.
And of course better learning.
CDC study finds 1 case in school transmission for each 10270 person weeks.
To put that in perspective, that is 285 years of schooling to at best avoid one case. Enough to send 13 people from K to med school diploma! 1/2
via
@CDCgov
Refreshing to see Econ prof against competition. Excellent rhetorical trick: even without any externality it gives the appearance of one—those darn competitors harming rivals. He is 100% correct that competition undermines supplier objectives, whether profit or something else.
Yale or any one institution cannot easily introduce such a "conditional Ph.D. grant program" alone, because applicants will flock to competitors (Chicago, Stanford, Berkeley...) that offer unconditional grants. Changing equilibrium requires coordination - hence this tweet🧵
[7/7]
Before dismissing out of hand, can we at least consider the idea that schools are better open regardless of how many COVID cases are in the community? France not only considers, but embraces.
When Steve Jobs spoke truth to President Obama.
Obama would head decisively in the other direction (much more business regulatio, more deference to teacher union).
Source:
Please sign .
Remember: the protesters demand violations of the Kalven Report, which is
@Uchicago
's exceptional and distinctive doctrine of institutional neutrality.
They could have attended one of the 1000s of other Kalvenless universities and colleges,
"Remember when progressives said the Trump Administration’s rollback of net neutrality would break the internet? FCC Chair Jessica Rosenworcel now concedes this was wrong, yet she plans to reclaim political control over the internet anyway"
Aged well: My 3 reasons in 2020 to have schools open
-schools are overwhelmingly young people
-schools & employers have more supply and demand for prevention than households, due to the size difference
-Bayesian: open the schools and count cases. Adjust if there are surprises
When there's no vaccine on the market, people will look for other ways to be safe, including school closures and the handwashing of groceries.
@caseybmulligan
talks with
@EconTalker
about what we learned and failed to learn about the
#Covid
pandemic.
33,904 COVID-19 tests given this quarter at
@uchicago
.
33,826 negative.
78 positive.
Of course, members of our community have to be SOMEWHERE and doing SOMETHING. Having
@uchicago
campus open for research and learning likely reduced cases and saved lives.
Harris pressed by
@SavannahGuthrie
on whether it was a mistake for CDC guidance to tie community infection and school Re-openings.
Harris: “what they have recommended are exactly that: recommendations”
Replace famine w inflation and you have
@SenWarren
@JoeBiden
“One of the first steps Mao took when he could no longer deny the extent of the famine was to blame it on class enemies.”
Cultural Revolution by Frank Dikötter
Big vaccine news today.
@realdonaldtrump
's WARP speed program, which closely followed 2019
@WhiteHouseCEA
report. MSM says that he does not "follow the science" but this may be the most social value ever delivered by a president following the science.
Prices and Policies in Opioid Markets | Journal of Political Economy just accepted
Two necessary & almost sufficient conditions for me to write this paper: TheoryGuru () and working with
@WhiteHouseCEA45
team on opioid economics.
Yet another instance where Trump is telling experts “I told you so!” Speedy pandemic vaccine innovation was a Trump project before COVID arrived but the “experts” weren’t paying attention.
@kerpen
@open_the_books
Yes massive civil penalties are loved by the agencies so they don’t have to perennially ask congress for money. Trump ended that practice as part of the deregulation agenda, but of course Biden stands for the opposite.
More evidence that something miraculous happened in red labor markets June & July that did not happen in blue states, or in any state in other months.
But that miracle has nothing to do with UI and we should not expect blue states to experience it in Sept or Oct.
Whether effective for COVID, or safe in all dose sizes (what is?) is another issue. If they want to say "COVID is not a parasite", fine.
Now MDs deciding, in patient's interest, to off-label Rx risk being stigmatized as treating patients like animals.
Need help seeing into the future? Take economics
@UChicago
!
Here is the homework 1st year PhD students were assigned on tariff quotas, due Oct 16, 2020.
The future arrived yesterday.
Real wages are tanking while government program participants have automatic pay raises coming. SNAP just got a 12 percent increase this month. Medicaid, Obamacare, SSDI, etc come Jan 1.
Remind me over the next few months to act puzzled why people are not getting back to work.
Chicago Price Theory users:
Pls DM if you can write Princeton Press RE new edition. New chapters in the works combining existing tools to address important applications
Eg, excess burden (crime, disease)
personal increasing returns (much behavior is human capital in disguise)
IMO a naive and deeply flawed, but common, rationale for touting legislation that you haven’t read is “the intentions are good; we can fix the bad parts later.”
Today I must admit that it took Congress less than 2 weeks to fix a flaw in the IRA — the fraudulent title! It's gone
To his credit, everyone else on the
@nytimes
opinion page agrees not to mention their mistake about schooling, which is the biggest they know about, with no close 2nd place.
No data overlap between my study and theirs, but same conclusion: "[in-person] teachers and their household members were not found to be at increased risk of hospital admission with covid-19 and were found to be at lower risk of severe covid-19."
"The list of economists who've said they will willingly serve under Trump is the least impressive list of economists in history."
Trump's going to make up policy on the fly, and he doesn't have a remotely competent econ team. No serious Republican economist will work with him.
George Tolley passed away early this morning at the age of 95. George was a Chicago economist through-and-through. He started as agricultural economist but soon switched to urban economics because, of course, urban had become more important!
The Dallas Fed just released its real-time labor market survey. It shows LESS employment in May survey week than in April survey week. One of the biggest drops in months.
Most of the world won't notice until jobs day June 4; Biden fans have 14 days to rehearse their excuses.
As of now, the most likely candidate to win WH 2024 is DJT.
Why not get to know how he really governs, from a nonpartisan, rigorous and entertaining source?
On sale $4 hardcover, $2 ebook!!! Excellent
#xmasgift
!
Life years lost by gender and cause.
Each fatality x gender is assigned remaining (i.e., conditional) life expectancy from the 2019 life tables.
Each drug fatality has almost 3X the life years as each COVID.
Source: CDC Wonder
Friendly reminder: "government SPENDING" is not part of GDP. Government purchases are. The difference is transfers + interest. Most government spending is not purchases.
Positive analysis should not lump together types of G spending that are VERY different in their effects.
Here's the full text of the form
@UofCalifornia
students have to sign to opt out of the vax 'recommendation'...
The University of California recommends that all members of the community, except those who have had a severe allergic reaction to a previous dose of the COVID-19
@MikkoPackalen
@DrJBhattacharya
@BarackObama
From March 2020 I cited the very large costs of closed school while questioning the purported benefits.
and even questioned Oster when she recommended FL close and CT open
e.g,
@paulkrugman
Moore's CTUP has from the beginning lead the evidence-based charge to get children back in school: both safer (in terms of virus) for all involved + much better learning. I am proud to associate with that, & wish that more economists had joined early.
When I was at CEA, some of POTUS’ opponents were running White House documents through plagiarism checkers. CEA was contacted , accused of writing “in the style of Hassett and Mulligan”. Big scandal!
It was
@llborio
who, long before COVID-19 arrived, asked
@WhiteHouseCEA
to look at the economics of pandemics. She had been warning about pandemic threats. A 2019 Trump exec order concluded from this work that "vaccination is the best defense." Next came Operation Warp Speed.
@EWoodhouse7
@kerpen
I have been tracking 0-17 and also through 2021-H1.
IMO the major factor here is that adults had stimulus + UI and they bought up all the heroin and 2nd-hand prescriptions, which left child (and many adult) users with more deadly fentanyl and analogs.
I said from the beginning: teacher unions very much want selective “elearning”. The contract with public schools is that all kids in the district get taught, even the difficult ones. Selective elearning allows unions to renig on that, of course, without any commensurate pay cut.
Mask mandates are back for
@SDSchools
students.
For students who feel uncomfortable wearing a mask, SDUSD President Sharon Whitehurst-Payne suggests not returning to school at all.
Full Interview:
Huh?
What about the productivity plunge?
Headwinds in housing construction (Leamer said Business Cycle = Housing)?
Crowd sourcing? : Cons confidence & stock market
I don't say recession for sure but she insists that ZERO such indicators exist.
"More people work when the feds stop paying them not to work. ...job growth picked up in industries in which employers said jobless benefits were making it harder to hire." via
@WSJOpinion
Biden and Harris are either deeply confused or lying about schools, a subject where we all have ample knowledge sources.
Would we be chumps to trust them on national security, endless wars, etc., where most of the knowledge sources are "redacted for national security reasons"?
Many
@UChicago
alums back to campus to celebrate
@UncertainLars
' 70th birthday. As they too accomplish great things, they give a lot of credit to his mentorship.
When I was 21, several advised "go to
@UChicago
-- the only place to study with Hansen". I listened ... so true!
I’ve been waiting over a year for a
@Uchicago
Lab School teacher to step up, like this CPS teacher did, & say that shutting kids out of schools is wrong. Did I miss it? For that matter, will a
@Uchicago
professor or administrator say it?
@thinkerchicago
Being in the UK reminds me how expensive cell service is in USA. Uk: 100 GB data for $36. USA be lucky to get 20GB for that price. Regulation is a major source of the price gap.
Biden could save families a lot on their cell service by deregulating, but won’t. 1/2
Krugman has a point that life expectancy may not continue inexorably upward. LE began falling in the Obama years as fentanyl took permanent hold.
Encouraging lawlessness in our cities has a similar effect on LE (homicide and traffic).
Canada also has a new policy to reduce LE.
I saw government cover up fatal errors. Will Secret Service errors be the same?
Coverups are more successful w bipartisan policy errors, as w opioid policy. Otherwise party competition brings some sunlight.
Opioids became public because DJT was not a politician or bureaucrat
At best union tactics give members a short run benefit, when their counterparties' behavior is price inelastic. Long-run elasticities are greater.
Look at seafarer union over 100 years (employers disappeared), or teacher unions over a shorter time frame.