Economic History and Public Policy by Phil Magness
Phil Magness: Gabriel Zucman claimed U.S. billionaires paid lower tax rate than poor in 2019
Gabriel Zucman claimed to the New York Times in 2019 that billionaires paid a lower average tax rate than poor people in the U.S. Phil Magness stated that Zucman's chart published in the New York ...
Tariffs transfer consumer surplus through higher prices, Phil Magness argues
Phil Magness criticized the reasoning behind claims that tariffs may lead to future price decreases, describing such arguments as not serious. He stated that tariffs specifically and intentionally ...
Phil Magness: Inflation predictions proved inaccurate during Biden years
Phil Magness points out that economic models did not accurately predict inflation during the Biden years. He highlights that Stephanie Kelton firmly maintained inflation would be transitory and ...
Debate over global reserve status and rising prices, Phil Magness notes
Phil Magness questions the beliefs of an individual discussing $22 burritos, highlighting their view that the U.S. dollar's global reserve currency status is a 'resource curse' because it ...
Phil Magness: Postliberal movement lacks standing in economics and policy debates
Phil Magness argues that the Postliberal movement holds no professional standing in the field of economics. He points out its limited scholarly qualifications and notes a consistent record of ...
Tariff fixation and reckless policy raise inflation and interest, Phil Magness argues
Phil Magness criticizes recent economic policy choices, blaming a fixation on tariffs, a lack of concern for public finances that has widened the deficit, and risky military actions for tightening ...
Phil Magness: U.S. entitlement program expands as national debt hits $40 trillion
Phil Magness questions the nature of a recent policy move, arguing that it is not a tax credit but rather an expansion of an entitlement program through changes in administrative rules. He also ...
Cotton accounted for around 6 percent of U.S. GDP, Phil Magness notes
Phil Magness challenges claims about the economic impact of cotton in U.S. history. He states that even at its highest point, cotton accounted for roughly 6 percent of U.S. GDP, calling this a ...
Phil Magness: Industrial revolution in U.S. began under low tariffs in late 1840s-50s
Phil Magness notes that the industrial revolution in the U.S. first gained momentum during the low tariff regime of the late 1840s to 1850s. He adds that most of the modern period of economic ...
Nixon shut U.S. gold window in August 1971, Phil Magness notes
Phil Magness highlights that the gold window was closed in August 1971 by U.S. President Richard Nixon. He notes that this decision was taken against the advice of free-market economists who ...
Phil Magness: U.S. not facing BOP deficit under current accounting definitions
Phil Magness states that under conventional accounting definitions, the U.S. is not currently experiencing a balance of payments (BOP) deficit. He explains that due to the end of the fixed ...
Concerns rise over dollar strength and reserve status, Phil Magness notes
Phil Magness suggests that Republican voters are likely to pay close attention to discussions about the strength of the dollar and the possibility of the U.S. reconsidering its position as the ...
Phil Magness: Discussion on dollar devaluation and Triffin Dilemma surfaces
Phil Magness draws attention to a debate regarding the potential devaluation of the U.S. dollar, referencing the Triffin Dilemma. His comments suggest that perspectives are mixed on whether ...
Objections to U.S. dollar reserve status lack clear argument, Phil Magness states
Phil Magness criticizes Orencass for failing to articulate a coherent argument regarding objections to the U.S. dollar's status as the global reserve currency. Magness notes that Orencass ...
Phil Magness: JD Vance suggests U.S. manufacturers could benefit from loss of reserve currency status
Phil Magness shared further remarks from a 2023 interview focused on recent comments by JD Vance regarding the status of the dollar as the global reserve currency. In the interview, Vance was ...
Logic of destroying dollar value after gold standard shift challenged, Phil Magness argues
Phil Magness criticizes the suggestion of intentionally devaluing the dollar in response to inflation since moving away from the gold standard. He argues that such an approach would lead to a ...
Phil Magness: Criticizes misreading of BEA supplemental GDP indicators
Phil Magness addresses a discussion about certain economic indicators described as "unmeasurable" by Vance, emphasizing that the Bureau of Economic Analysis (BEA) has in fact measured these as ...
JD Vance aligned with top economic hot takes in 2010s, Phil Magness reveals
Phil Magness points out that searching through JD Vance's old, scrubbed Twitter handle from the 2010s shows Vance regularly engaged with widely criticized economic commentators and opinions from ...
Phil Magness: Financialization concept traced to 1910 book by Rudolf Hilferding
Phil Magness highlights that the term "financialization" originated from a 1910 book by Marxist theorist Rudolf Hilferding. According to Magness, Hilferding argued that financialization was a ...
Being a postliberal shows economic ineptitude, Phil Magness argues
Phil Magness states that identifying as a postliberal is a strong indicator of significant incompetence in economic matters. His comment suggests skepticism toward postliberal positions when it ...
Phil Magness: Focus on GDP and trade deficits often linked in economic debates
Phil Magness observes a recurring connection in economic discussions. He points to a pattern where critics who argue that economists overemphasize metrics like GDP frequently also show strong ...
