The call for papers is out for this summer's IIPF (Intl. Institute of Public Finance) Congress, aptly titled "Public Finances in Turmoil". And I'm honored to be delivering one of the keynote talks. Hope to see you in Lisbon!

The year before Trump took office, the US averaged +168,000 jobs per month. It added just 119,000 jobs TOTAL in 7 months since Trump's tariffs began. The unemployment rate just hit its highest level in 4+ years. Even Trump's Chief of Staff admits his tariffs hurt our economy.

According to a new court filing, the Trump administration has a six-page list of banned words that Head Start locations are forbidden from using when describing their programs. Among the censored words: "disability," "race," "women," "trauma," "Gulf of Mexico." Short thread with the full list. 🧵

Households face annual costs of roughly $400–$900 from climate change—mainly from disasters, higher insurance, and energy costs—with lower-income families and certain regions hit disproportionately, from @kclausing.bsky.social, Knittel, and @cwolfram.bsky.social www.nber.org/papers/w34525

@kclausing.bsky.social testified to the US House Ways & Means Committee Subcommittee on Tax that the most direct way to promote global competitiveness for American businesses & workers is to remove the Trump Administration tariffs. Read the full testimony:

Excellent piece from @stanveuger.bsky.social and Clark Packard on why Congress must reclaim their clear authority over the power of the purse. See Article 1 Section 8 of the US constitution. This was also a theme of my recent testimony before HWM. waysandmeans.house.gov/event/tax-su...

"There is a sense from some in Switzerland that this was very close to corruption," 😲 www.ft.com/content/36c9...

Climate inaction is ALREADY a big expense affecting US households' costs. One of the biggest? The impact of climate-related natural disasters on housing costs. New post and research by @kclausing.bsky.social @knittelmit.bsky.social @cwolfram.bsky.social legal-planet.org/2025/11/20/c...

New blog post today on work with @knittelmit.bsky.social and @cwolfram.bsky.social. Climate inaction is *already* a big expense affecting US households costs; the most important mechanism is the impact of climate-related natural disasters on housing costs. legal-planet.org/2025/11/20/c...

The image that always sticks in my mind for that total breakdown of the Constitution isn't Jan 6 itself, it's Pelosi literally rallying troops in front of the Capitol to protect Congress from the president.

Betting market odds for SCOTUS letting Trump keep his tariffs have tanked

A good day to re-up this thread on why tariffs are a poor tax policy instrument. Also relevant today, this broad use of tariffs definitely exceeds the President's authority under IEEPA. Early indications suggest the court agrees.

At least these small businesses are standing up for the integrity of the constitution (and demonstrating the harmful economic effects of tariffs). www.nytimes.com/live/2025/11...

And kudos to @kaine.senate.gov and Sen. Rand Paul for making such clear and persuasive arguments.

Watching this terrific event right now @piie.com. Good to see some bipartisanship on this important issue. And the results from today's Senate vote on the Canada tariffs & yesterday's vote on the Brazil tariffs. www.piie.com/events/2025/...

Excellent piece from @douglasirwin.bsky.social Reagan: "We should beware of the demagogues who are ready to declare a trade war against our friends — weakening our economy, our national security and the entire free world — all while cynically waving the American flag www.nytimes.com/2025/10/29/o...

I was honored to join this important effort opposing the IEEPA tariffs. Huge thanks to @stanveuger.bsky.social for his work on this.

A district court would preliminarily enjoin the razing but SCOTUS would stay the PI and allow the razing to occur while litigation concerning the razing’s legality proceeds.

The podcast version of our BPEA paper on “Who bears the burden of climate inaction?” (thread below, with @cwolfram.bsky.social and @knittelmit.bsky.social) just dropped . www.brookings.edu/articles/how...

The argument is that the National Guard is needed, over the objections of the Mayor and Governor, to manage the dangerous protests at a single federal building. The protests:

You may not believe in climate change, but the insurance industry does.

My new column with Maurice Obstfeld in VoxEU argues that the broad tariffs of the Trump administration are not well suited to tax policy, macroeconomic, or other aims. cepr.org/voxeu/column...

Ok so the Trump administration blew up the international agreement to tax CO2 from shipping. 14 years ago the Obama administration successfully opposed applying the EU carbon price to US airlines operating in Europe. Just because Ds and Rs both agree on something doesn't mean it's right.

When the facts are available and their meaning obvious, people who want power over you must eventually demand that you ignore what you see, what you know. "Freedom", wrote Orwell, "is the freedom to say that two plus two make four. If that is granted, all else follows."

South Koreans held their government accountable earlier this year. And now they’re protesting for American’s rights and democracy on No Kings too! Thank you South Korea! #NoKings ❌👑

5 Immigrants To America Won 2024 And 2025 Nobel Prize In Economics www.forbes.com/sites/stuart...

I thought I'd put the administration's proposed "compact" with universities in context, so I wrote the blog post below. It's especially for journalists covering this story! Many details about how the compact itself works and why the administration has retreated to this strategy.

Assessing how the greater reliance of fiscal policy on tariffs will affect the US tax system, from @kclausing.bsky.social and Maurice Obstfeld https://www.nber.org/papers/w34192

"While maintaining tariff rates at summer 2025 levels would generate large government revenues, such broad tariffs have significant downsides: Efficiency losses would approach one-third of revenues raised..." @kclausing.bsky.social #EconSky www.nber.org/papers/w34192

Great paper measuring the current costs of climate inaction in the U.S. @kclausing.bsky.social, @knittelmit.bsky.social, and @cwolfram.bsky.social find that wildfire smoke and higher insurance drive household costs more than direct temperature-related effects, both for costs and mortality risks.

Happy fiscal new year! Off to a rough start 🥲

🧵 (1/7) With @knittelmit.bsky.social and @cwolfram.bsky.social, happy to announce our new paper on “Who Bears the Burden of Climate Inaction?”, just posted for BPEA @brookings.edu. We find large climate cost impacts that vary by both geography and income. www.brookings.edu/articles/who...

🧵 (1/8) My new working paper with Maurice Obstfeld, “Tariffs as Fiscal Policy”, was just posted today @piie.com. Within, we evaluate the new role that tariffs are playing in the US economy. www.piie.com/publications...

Lovely piece on the importance of conversation across political divides. wapo.st/4gAmDHg

The Trump Administration’s continued efforts to break the 2025 funding deal reached in March are seriously undermining efforts to reach a funding agreement for 2026 because lawmakers need to know if they reach a deal, it will be kept. 🧵

With international efforts more difficult than ever, it is essential that willing jurisdictions buttress climate cooperation. A big shout out re. this new & important report, from a team led by @cwolfram.bsky.social. I was honored to be part of the working group. Read her thread, then the report!

"Lesotho Sends Trade Delegation to US to Plead for Lower Tariffs" www.bloomberg.com/news/article... The country ranks 167th in gdp per capita (PPP); has 40% of its population living in poverty; and has 24-28% unemployment. Shameful stuff.

Today marks a major development in U.S. climate policy. Gov. Newsom, the CA Assembly & Senate just released the final cap-and-trade—now called cap-and-invest—reauthorization bill: AB 1207. 1/ #climatesky #energysky

100 years from now when transportation is fully autonomous, people aren’t gonna believe we used to drive ourselves around “So people just had to get really good at driving so no one died in crashes?” “Oh, people died all the time. There were actually more car deaths than murders every year.”

Because we need more abusive tax shelters in the world... Trump Administration Halts I.R.S. Crackdown on Major Tax Shelters www.nytimes.com/2025/09/09/b...

🚨The Supreme Court today gives Trump a license to engage in racial profiling, with Justice Kavanaugh writing in concurrence to expressly endorse ICE and Border Patrol targeting any Latinos they observe in Los Angeles speaking Spanish and then demanding their papers.

Highest level of support since Gallup started asking this question a quarter century ago

Something to bear in mind when spending time online. Social media and polarization are... related. Nice graphic from @financialtimes.com.

Maybe instead of blaming statisticians, the Trump Admin. should look inside, at the self-harm generated by their deliberate negative supply shocks (tariffs & deportation).

Nice piece on the possibility of a coalition of the willing around heavy-industry carbon pricing, with quotes from my coauthor @cwolfram.bsky.social, a leader in this conversation. Talk of a global carbon pricing scheme grows louder ahead of COP30 www.ft.com/content/21b8... via @financialtimes.com

Before folks join ICE they might want to read the literature on immigration, which contradicts many of their assumptions about how immigrants affect the United States. Or they could just watch this "recruitment" video which might help: youtu.be/OjGHf7OvglM wapo.st/3VrzEJg

Survey respondents are connecting the dots between Trump's ruinous fixation on tariffs/deportations and their own dissatisfaction with economic disruption and cost increases. wapo.st/4n4W7ru

They should have thought of that before they did these embarrassing (and illegal) policies.

US Appeals Court rejects Trump Administration's IEEPA tariffs. The IEEPA tariffs are about 70 percent of them, by revenue. Link to full details here: storage.courtlistener.com/recap/gov.us...