open.substack.com/pub/paulkrug... Paul Krugman replies to Scott Bessent’s diatribe against the Fed.

Applications are open for our postdoctoral scholars program! These 2-year positions start in Aug. 2026 and are based at the GC CUNY Stone Center. One is focused on #mobility and #poverty, the other on #wealth and/or wealth inequality. Apply by Nov. 3! #EconSky #Sociology #PoliSciSky bit.ly/40TZR6J

The depravity of Senate Republicans, in two screenshots

And I was planning a quiet evening ... paulkrugman.substack.com/p/an-emergen...

I have an unusual problem with the elimination of the "de minimis" tariff exemption. When I give talks abroad, the host often offers a lovely but awkward gift — say, a 20 lb coffee table book on the history of their city. So I ask them to mail it. No more. www.theguardian.com/us-news/2025...

The muted market reaction to The Crazy doesn't tell you much about what will happen. Markets almost *never* react in advance to large but only potential disruptions. paulkrugman.substack.com/p/why-arent-...

I wrote about the manifestly illegal attempt to fire Lisa Cook 1/ paulkrugman.substack.com/p/in-the-mat...

If you think the attack on the Fed's Lisa Cook has nothing to do with you, you're wrong — any one of us may be next paulkrugman.substack.com/p/we-are-all...

Stagflation in some form is coming. The trillion-dollar question is whether inflation becomes entrenched paulkrugman.substack.com/p/the-econom...

"Companies were reluctant to pass price hikes into stores, because they didn't want to make customers mad and lose market share. It's only now really sinking in that this is for real, and so the 'let's eat the tariffs for a while' thing is fading out." — @pkrugman.bsky.social

I wrote about the imaginary New Jersey windmills of Trump's mind and other topics 1/ paulkrugman.substack.com/p/kilowatt-m...

New in PN: @pkrugman.bsky.social on Trump's teetering economy "The thing that’s extra damaging now is the craziness. Nobody knows what the tariff rates will be in six months. That means a lot of cash sits on the sidelines."

Deportations and detentions will inflict a lot of damage on the US economy 1/ paulkrugman.substack.com/p/iceing-the...

This is the way the bubble ends: Not with a pop, but with smog and brownouts. [Disappointed that some readers didn't recognize the TS Eliot ref] paulkrugman.substack.com/p/what-happe...

Murder is now well below even pre-COVID levels nationally through June in the latest RTCI sample.

Apparently some people over here don't know that I'm posting almost daily on Substack. It's free 6 days a week, with only the Sunday primers (which are very labor-intensive) paywalled. According to the U.S. politics bestseller list, this venture is going pretty well

Others have pointed this out, but once you start thinking about the *physical* footprint of AI, especially power consumption, the predicted boom starts to look very problematic 1/ paulkrugman.substack.com/p/ai-is-powe...

I wrote about stagflation, how it happens, and why it didn't happen under Biden. Next week about prospects under Trump 1/ paulkrugman.substack.com/p/the-econom...

I talked with crime data maven Jeff Asher, whose always relevant work has gotten extra-relevant now that Trump is invoking urban crime as a reason to occupy cities 1/ paulkrugman.substack.com/p/talking-wi...

Losing Krugman's voice on the NYT page seems bad, but he's really taken it to a new level in his Substack, hasn't he? Unleashed, but not unrestrained.

Aren't we more or less at the one-year anniversary of many media reports about the imminent fall of the "strategic city of Pokrovsk"?

I had missed this excellent discussion between @pkrugman.bsky.social & @adamposen.bsky.social, two of the very best on monetary and macroeconomic policy and bringing it to the public square. Very much worth your time.

New York is a dystopian hellscape where nobody dares to leave their apartment gothamist.com/news/call-it...

So Trump wants Goldman to fire Jan Hatzius. But he hasn’t called Hatzius a deranged bum, so I’m still ahead on points

Well, this is flattering. I may add "Deranged BUM" to my profile www.thedailybeast.com/donald-trump...

And I forgot to link to the post paulkrugman.substack.com/p/the-econom...

Today's post was about what it means that high tariffs are probably here to stay, and I thought that people might want to see some meta notes about it. First, the long-run efficiency losses from tariffs aren't as big as many probably imagine 1/

Striking stuff from @pkrugman.bsky.social, who dismantles Trump's Europe deal from top to bottom. It will actually undermine US manufacturing, the "concessions" Trump won are fake, and Trump voters will be hit hard by the tariffs. All on the pod. Don't miss this one: newrepublic.com/article/1985...

How I wish America’s congestion-obsessed transportation engineers understood Paul Krugman’s point here paulkrugman.substack.com/p/the-limits...

An instant post about that Japan deal. It's basically a joke paulkrugman.substack.com/p/about-that...

Interesting, nuanced chat between @pkrugman.bsky.social and @adamposen.bsky.social . Beyond a semi-professional interest in economics, it's always fun and educational to read good faith articulated experts discussing their field, almost regardless of what that field is.

How might recent tariff changes affect inequality? @pkrugman.bsky.social addresses the topical issue of what economic models say about tariffs and how they function as a regressive tax policy in Part III of his series "Understanding Inequality." stonecenter.gc.cuny.edu/a-trumpian-d...

So I wrote yesterday about right-wingers claiming AI is communist, and how Musk's attempt to tweak Grok away from that made it go full Nazi 1/ paulkrugman.substack.com/p/the-road-t...

Some guy says something about tariffs www.npr.org/2025/07/14/n...

I usually stay cool even when writing about outrages. But for some reason the story of how crypto bought the government really makes me angry paulkrugman.substack.com/p/inequality...

Krugman's dread for the Fed: At this point the mere fact that someone is willing to work for Trump, knowing who he is, tells you that they’re willing to debase themselves.

Paul Krugman: Why You Should Fear a MAGAfied Fed open.substack.com/pub/paulkrug...

With everything else going on, I'm not sure people realize that Trump's latest tariff on Brazil took things to a new (lower) level paulkrugman.substack.com/p/trumps-dic...

"So while MAGA’s attempt to strangle clean energy will increase the risks of global climate catastrophe, it will also increase the risks of U.S. economic stagnation, forcing our nation to remain wedded to obsolete energy technologies while other countries march into the future."

Krugman is on the money again, Musk money paulkrugman.substack.com/p/muskenfreu...

America's superrich emerged in two phases: predatory finance followed by quasi-monoplies based on network effects paulkrugman.substack.com/p/inequality...

One guy down the hall talking with another guy down the hall. Paul Krugman and Branko Milanovic discuss global inequality, elephants, life chances, Rawls, and more. @pkrugman.bsky.social @brankomilan.bsky.social @stone-lis.bsky.social @lisdata.bsky.social paulkrugman.substack.com/p/global-ine...

Folks, CBO estimate of the distributional effect of the One Big Beautiful Bill Act is out: www.cbo.gov/system/files... It's grotesque

There are times for wonky policy analysis and fun musical codas. But this isn't one of them paulkrugman.substack.com/p/this-is-no...

"Everything points to an effort to effectively destroy U.S. science — not gradually as part of a long-term plan, but over the next year or two." paulkrugman.substack.com/p/nobody-exp...

New article in Rolling Stone www.rollingstone.com/p/trump-dest...

So, was Florentine culture all about projecting soft power? A conversation with Ada Palmer paulkrugman.substack.com/p/inventing-...

Just FYI: Martin Wolf and I will be doing a series of podcasts for the FT. Landing page here, but also on various platforms www.ft.com/wolf-krugman...

Homicide rates: NY 4.5, FL 7.2 Life expectancy: NY 79, FL 76.1 Uninsured rate: NY 4.8, FL 10.7

Upcoming at 92nd st Y www.92ny.org/event/disast...