On the other site @stephaniekelton.bsky.social wrote: Link to quoted piece: www.chinabankingnews.com/p/chinese-ec...

Monthly jobs report - BLS “report preliminary data. Everyone knows it’s just an initial glimpse—i.e. an early estimate that will be revised as more data comes in.” Fed officials often point out “that they don’t want to put too much weight on a single report, … subject to multiple revisions.”

"PERSON: What does the data show? ECONOMIST: What do you want it to show?"

My latest open.substack.com/pub/stephani...

Do you want to learn more about our nation's growing deficit and the implications for markets, the economy and geopolitics? Join us this Thursday, August 7 at 1 PM ET on Reddit for an AMA with our senior banking and finance reporter Leslie Picker. bit.ly/455vahl

Crypto is all about reinventing the financial wheel. TradFi should <not> have to relearn lessons about quality of collateral!!!

My latest. open.substack.com/pub/stephani...

My latest. open.substack.com/pub/stephani...

TRANSLATION: US IMPORTERS TO PAY TARIFFS ON GOODS FROM INDONESIA. CONGRATULATIONS, EVERYONE. MAGA.

"two first-rate economists, David Cutler and Ed Glaeser, have made a stab at estimating the impact of cuts at NIH. Their analysis suggests that these cuts might save $500 billion in federal spending over the next 25 years — while imposing more than $8 trillion in losses."

Nope.

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A Big, Bipartisan Betrayal www.levernews.com/a-big-bipart...

BURCHETT: “Trump told me there’s no windmills in China.” REALITY: As @stephaniekelton.bsky.social points out, if Bumblin’ @RepTimBurchett would use Google he’d see they are the global leader in wind turbine installations. Q: Has Burchett ever been right about anything? (h/t @acyn.bsky.social )

If you say deficits are a dire threat to the country but raising taxes is somehow off limits, then you do not actually think deficits are a dire problem.

Richmond Fed president asks business leaders about Trump’s tariffs and learns that firms are “raising prices not because they have to, but because they think they can get away with it.” www.wsj.com/economy/tom-...

I really feel like everyone would have a better understanding of what’s going on if they read @stephaniekelton.bsky.social’s book or watched her documentary. Everything would make a lot more sense!

And by “touching” they mean pummeling. Rural hospitals will shutter. As many as 13 million people will lose health coverage. Preventable deaths will spike. Political suicide?

“In order to truly believe that the Freedom Caucus is going to tank the bill, they’re going to have to actually vote against it. Not hold out, not fold their arms and grumble. Actually vote against it. And we still haven’t seen that.” @ddayen.bsky.social americanprospect.bluelena.io/index.php?ac...

Johnson initially voted no on the motion to proceed. He flipped because of a promise for an amendment for more Medicaid cuts. The Senate didn't vote on that amendment. Now he's a yes. It just wasn't serious that the Senate deficit hawks (outside of Paul) would bolt. They're fakes.

The Senate version of the #BigUglyBill is somehow even worse than the House version Just cramming more shit into the shit sandwich

Sen. Hawley a yes on exactly the thing he says we can’t be doing

Trump's wedding gift to Bezos and birthday gift to Musk were tucked in the new budget bill the Republicans released overnight: A special new tax break for SPACEPORTS.

The energy provisions in the Republicans' One Big Horrible Bill are truly so bad! Who wants this? The country's automakers don't want it. Electric utilities don't want it. Data center developers don't want it. Manufacturers in energy intensive industries don't want it. 🔌💡

The U.S. has seen a manufacturing boom since the Inflation Reduction Act, especially in the emerging Southeastern battery belt. But these projects and associated jobs are potentially at risk with proposed changes to tax credits.

Having ethics and a sense of public duty is good, actually

Should end well. @coindesk.com $XHB t.co/JYvzejMXWb

Having writers as good as @astra.bsky.social and Eleni break this nightmare of a bill down for us is a goddam miracle

An important intervention from the always brilliant @astra.bsky.social newrepublic.com/article/1970...

Economic policymaking needs to adapt to the climate emergency | Heather Stewart

Sometimes, the best business decision is to change businesses 💔 www.tker.co/p/companies-...

A life without #debt? --- The historical record is clear --- each and every time the Govt substantially reduced the national #debt, the economy fell into #depression @stephaniekelton.bsky.social in Chapter 3 (to re-read): stephaniekelton.com/book/

Live by the deficit sword, die by the deficit sword. Extending the regressive 2017 tax cuts far preferable to regressive tax cuts + regressive spending cuts + regressive tariffs to offset the budgetary effects of the tax cuts.

The debt & deficit matter - but not for the reasons you probably think they do. Sirota's fascinating discussion with economist @stephaniekelton.bsky.social about the Trump tax cut bill, the credit downgrade, inflation, and what you should actually keep your eye on.

Nice piece by @darrickhamilton.bsky.social and @pressley.house.gov I guess we are all thinking the same thing. Trump accounts are not baby bonds as I lay out in my own piece. Any similarity is superficial at best. www.washingtonpost.com/opinions/202...

To the Democratic Party: Make understanding of US monetary operations described below by @stephaniekelton.bsky.social as the mandatory cornerstone of its economic foundation, including a job guarantee, to create a Project 2029 blueprint to take back our democracy.

“The Deficit Myth” @stephaniekelton.bsky.social (still top-notch) The #book was published on June 9, 2020 -- exactly 5y ago -- 2-weeks after its release, it was a @nytimes.com best seller. stephaniekelton.substack.com/p/the-defici...

Read it!

My book, The Deficit Myth, turns 5 today. t.co/Ia4xR9cezr

The budget bill is anything but beautiful. @stephaniekelton.bsky.social

I am irrationally giddy that @thetnholler.bsky.social is reposting @stephaniekelton.bsky.social - This is so beautiful to me. Speak the truth about public finance.

It is true that Elon has opened the door for democrats. They should tell the American people that Elon is angry because of what this bill takes away from *him* while democrats are mad because of what republicans are trying to take away from *them*. Leave the deficit out of it.

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Key points: 1) The fat ugly bill takes from the poor to give to the rich. 2) Trump tariffs + tax policies are very likely to trigger a wave of inflation. Watch Kelton being interviewed on Bloomberg. www.bloomberg.com/news/videos/...

My latest. stephaniekelton.substack.com/p/the-house-...

DOGE is going full force…the Elon “step down” is a distraction. The propaganda is thicc

The suspension of #tariffs imposed under the International Economic Emergency Powers Act would represent a significant easing in the average US #tariff rate

Moments ago.

Am I crazy or did we just have a convo about how we can't fund cancer research?

Pop quiz for Robin: What is the title of Ch 2 of my book, The Deficit Myth? What does MMT warn is the punishment for overspending? Who wrote a lengthy oped in the NYT in April 2021, urging the Biden administration to stop ignoring inflation risk? Robin is after a straw man. As usual.