cocksure arguments on macroeconomic policy that hinge on falsified, make-believe concepts like potential output must stop. must stop. now. https://twitter.com/ojblanchard1/status/1358122339301490690

believing we ( @USCBO @federalreserve @WhiteHouseCEA) new what the hell potential output (that magical level of GDP after which inflation would spike) was caused too little too late monetary and fiscal policy after the Great Recession. https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/forecasts-of-economic-activity-in-the-great-recession-20150501.html

for love of god can we macro economists be humble about what we don’t know and stop fucking over millions of Americans and billions around the world?? invest in people, given them a chance to flourish. there’s your extra potential

finally, whole debate is ridiculously US centric (also typical). US is one of leaders in vaccinations (got real good access). the rest of the world can produce a lot more than they are now. I’m sure they’d be happy to sell to us without mass inflation.