Kent Smetters

The proposed income-driven repayment program in Biden's Student Debt Relief Plan “could radically change how people finance college,” says Prof. @KentOnMoney, discussing analysis from the @BudgetModel he directs. Listen to his @WhartonBizDaily interview: whr.tn/3Lkt6GH

The @WSJ interviews Professor @KentOnMoney about @POTUS' proposed FY23 budget: on.wsj.com/3xsriqn

To understand why gas tax holiday has no impact on price (net of tax) paid by consumers when SR supply is inelastic, a basic diagram from first week intro micro. (Equivalently, shift up S to same effect, as incidence is independent of party taxed, also from micro.)

@George_A_Callas In econ lingo, take-it-or-leave-it public educ produces a "kinked budget constraint" s.t. free offering often selected over quality but costlier (incl home production time) option. May still raise welfare (less cost for poor) but indeed suggests cash (or vouchers) COULD dominate

Total US fixed income debt ($53 trillion) now larger than value of US stock market ($50 trillion).

@danielgott And you chose to become an economist? Probably could have been a third statute there someday (although hopefully not yet if only awarded posthumously).

Growing up, a lot of our family time was spent in a soccer stadium. It’s hard to convey what it was like as a kid to enter a Maracanã packed with 150,000 people, all standing up (there were no seats).

@mattyglesias I tripled my max bench press after my booster.

@mattyglesias We (@BudgetModel) has database with K-12 education, including NCES. I don't see weather-related info. But states must collect info for compliance with min day requirements. Some researcher gone directly to district websites for closure data: journals.plos.org/plosone/articl…

Despite new job creation falling below expectations, wages have risen 14% in the leisure and hospitality industry. Analysis by Torsten Slok of Apollo

This seems good defenseone.com/technology/202…

From @BudgetModel: Average U.S. household (HH) must spend $3,500 more in 2021 to get 2020 level of goods and services. Lower-income HH's will have to increase spending by 7% while higher-income HH's by 6%: budgetmodel.wharton.upenn.edu/issues/2021/12…

From Apollo's Chief Economist, Torsten Slok

In a big warning sign, Manchin said BBB shouldn’t rely on temporary spending that could become permanent. “I don’t think that’s a fair evaluation of saying we are going to spend X amount of dollars but then we are going to have to depend on coming back and finding more money"

@USCBO CBO/JCT estimates making BBB Act (H.R. 5376) spending permanent would cost $4.7 trillion over 10 years. Consistent with @BudgetModel Nov 15 estimate of $4.6 trillion. BTW, CBO was my first job after getting my PhD and was a terrific place to work. budgetmodel.wharton.upenn.edu/issues/2021/11…

CBO and the Joint Committee on Taxation project the budgetary effects, including the effects on interest costs, of a modified version of H.R. 5376, the Build Back Better Act, that would make various policies permanent rather than temporary. cbo.gov/publication/57…

CBO/JCT releases illustrative score of #BuildBackBetter assuming temporary spending programs made permanent. An increase in 10-year debt of $3.0 trillion under permanent spending, versus $0.2 trillion for the Act as-written with temporary spending. cbo.gov/publication/57…

@elonmusk #2 Some more details of the @BudgetModel report cited by @elonmusk: the projected additional cumulative impact on debt over the next 10 years, both for the #BuildBackBetterAct as-written (blue) and assuming permanent spending extensions (red).

If “temporary” provisions in the Build Back Better Act become permanent, US national debt will increase by 24%! budgetmodel.wharton.upenn.edu/issues/2021/11…

@elonmusk #1 Some more details of the @BudgetModel report cited by @elonmusk: the projected additional annual surplus(+)/deficit(-) for each of the next 10 years, both for the #BuildBackBetterAct as-written (blue) and assuming permanent spending extensions (red).

New #publichealth analyses show majority of states don’t meet @CDCgov's criteria for lifting restrictions. Professor @KentOnMoney and faculty director of the @BudgetModel explains to the @WSJ on.wsj.com/3hRcA0X

A growing number of states are hitting 'pause' on their reopening plans due to #coronavirus surges. Professor @KentOnMoney spoke with the @nytimes about how it's impacting consumer confidence nyti.ms/2VJnqgS

🎥 Join @Penn Wharton @BudgetModel, led by Faculty Director @KentOnMoney, live on Tuesday, May 5 at 12 PM ET for a discussion on the health and economic effects of U.S. states easing lockdown policies in response to COVID-19. RSVP to the free event here: bit.ly/BudgetModelLive