Thank you both for the wonky economics discussion. I am bad with numbers but I was able to follow the conversation. Mr. Bernstein I appreciate all that you have done and accomplished with President Biden. I am grateful; it is just an absolute shame the media et al is complicit in mis & dis-informing the America public. Especially for the Biden Administration. Thank you.
Prices on some goods may appear the same but the quality is certainly going down. Quantities are going down, too. Check the weights of items and you will see that the price per pound is up. Examples: Better than Bullion now has sugar as it's first ingredient. Harvest branf chicken broth tastes like dirty water. Didn't use to be. Clothing from good China brands is now extra slippery, extra thin and poorly made.
Coincidentally, today I watched a YouTube video showing an ad for a 1956 Frigidaire. The video commented on the comparison of that unit's materials and workmanship to the inferior stuff of modern refrigerators. As you say, all kinds.
My question was somewhat irrational. I am a recent participant with Lymphoma. I have United Health Care/Medicare. My monthly infusion consists of a bill recording $34,987 of which $31, 450 is for the drug used. As we subtract, this leaves $3,537 of which $1800 is for administration.
The physician receives $1700 for a 20 minute visit. These monthly sessions allows for a lunch period of $383. My question is why does a 1hr-28min drip costs $31, 450? This would allow for a $349 per minute drip fee compared with lunch at $383. Why is this medicine so expense?
David, that's a lot to deal with at a time when your energies would better be directed toward healing and recovery. We wish you success with your treatment and the best of health !
The hematologist/oncologist supervising the infusion is responsible for ordering and review up to 4 lab reports monthly - multiple organ functions, tumor markers, the works. Physician is p'bly supervising any staff, including nurses who assist with the actual infusion, check the PICC line, talking to other specialists, sharing concerns relative to any - or + effect of the treatment. Physician in a group running an oncology infusion center cover all the equipment, liability insurance, rent, cleaning, staffing associated with running the entire enterprise. If the physician is salaried, the fee on the bill may not reflect what goes to the physician, but is used by the Equity Group or Health Care Group who own the place and hire salaried physicians. Burn out rate in oncology in 2023 was 59%.
In the US the whole health care system is "for profit", with competing private insurance & private hospitals.
In one-payer insurance systems controled or run by govt, total costs (public + private) are much less.
In the US, the rich pay much more for health care. The younger & healthier tend to avoid paying for health insurance, which also drives up the average cost for those insured.
All other advanced countries, like Canada, have a one-payer health insurance system (which saves considerable costs over the US system), and govt controled hospital & other health care, which guarantees everyone, including the poor, has the right to high-quality decent health care.
The systems in other advanced countries vary somewhat, many being more generous than Canada.
Is there anybody in Trump's orbit (including his cabinet members) knowledgable about economics? Trade deficits? (I'm missing someone like Gary Chon who would hide Trump's EO's on tariffs.)
Thank you both, for contributing to my free-loading Continuing Education of an Economist.
We're all political economists, caring lots about long-term trends in real wages and employment. Your conversation makes the rest of us smarter.
We're seeing the promised Green New Deal jobs boom in California's carbon-economy innovations in forests management, with co-evolution of financial structures based on recognition on managed balance sheets of the carbon captured already, currently at risk, and the potential for future carbon capture.
Washoe Forests Carbon Bank is our close-at-hand prototype.
Thank you both for exemplifying what public economic discourse should be — rigorous, accessible, and anchored in moral clarity. As someone who’s spent a career at the intersection of energy, environmental and economic policy, infrastructure, and civic renewal, I see conversations like yours as a vital counterweight to the spectacle-driven narratives and performative theatrics that dominate our media. In sharing your work with the public, you’re not merely interpreting numbers or economic history — you’re helping restore trust in the idea that governance can be informed, thoughtful, humane, and above all, strategic.
I urge you both to continue applying your expertise to the deeper task: helping us envision and construct a better world for all humankind. The public — and especially our leadership class — urgently needs economists who can frame our most pressing collective challenges with precision and empathy. As the political cycle begins anew today in Virginia, New Jersey, California, and New York City, shaping the platforms for the 2026 Midterms, we need your help to rank these challenges, define them clearly, and offer actionable, scalable solutions. This isn’t just technical work — it’s civic work. And it’s foundational to rebuilding trust in the core tenets of the American Experiment and the global cooperation essential to a functioning market-based world economy.
The broadly accepted transition to sustainable electric energy must be managed with minimal disruption. I’ve just returned from witnessing the baptism of my first great-grandson, Jack. His joyful face and alert curiosity stirred fresh reflections on how we might make the world better for generations to come. We have the tools. And I remain convinced that the post–World War II model — strategic, cooperative, and visionary — still offers a sound foundation.
Keep going. Your voices, your clarity, and your training in defining and prioritizing issues matter. Now, more than at any time in my lifetime, we must hold candidates to a rigorous standard: define the problems so clearly that the solutions and investment priorities become self-evident.
A subsidiary of Cantor Fitzgerald, run by commerce secretary Howard Lutnick sons, is letting clients bet that Trump’s tariffs will be struck down in court. "Cantor Fitzgerald & Co., say they have the capacity to buy the rights to hundreds of millions of dollars in potential refunds from companies who have paid Trump’s tariffs, according to documents viewed by WIRED" - is it legal for an insider to suggest that there may be a way to invest in a recapture of illegal tariffs?- and lure investors ? Kyle and Brandon are both in their 20's. Where is the GOP on this ?
I have worked for insurance companies in the SF Bay Area since the late 1960s. The one I worked for in the late 90's was totally immersed in writing business and not being concerned with claims costs because of the very unusual re-insurance they were able to procure. This resulted in a major crash in the whole P&C market and the failure of my company. Basically, it was the widespread use of tranches, or what we called back then "pass the trash". My company resurfaced in the sub prime RE market and quickly became the third largest writer. They sucked out all the cash possible as that operation crashed helping to cause the RE crash. The point of all this is that all that turmoil was due to many of the same players coming up with variations of Ponzi schemes and hoping they're not caught holding the bag when it blows up. Much of that mentality exists today and drives many of your concerns, especially about bubbles. They are nothing new, whether they are tulips, trains, houses, tech ventures, crypto or AI. I do believe the last two are real and I just hope they have soft landings. Thanks for the very informative interview.
Cruelty & chaos hunger games terrorizing kids & protecting pedophiles: Christian values? Imagine if a Dem had done this. Trump threw a party complete with sequined feathered dancers and yes a scantily-clad woman in a giant martini glass. The party held just hours before 42 million Americans were about to lose federal food assistance as 1.4 million federal workers are going without pay was grotesque. It was also like everything Trump unspeakably vulgar. Imagine if a Dem had done this. https://open.substack.com/pub/paulkrugman/p/the-big-smirk?r=aexlz&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false
Thank you both for the wonky economics discussion. I am bad with numbers but I was able to follow the conversation. Mr. Bernstein I appreciate all that you have done and accomplished with President Biden. I am grateful; it is just an absolute shame the media et al is complicit in mis & dis-informing the America public. Especially for the Biden Administration. Thank you.
Prices on some goods may appear the same but the quality is certainly going down. Quantities are going down, too. Check the weights of items and you will see that the price per pound is up. Examples: Better than Bullion now has sugar as it's first ingredient. Harvest branf chicken broth tastes like dirty water. Didn't use to be. Clothing from good China brands is now extra slippery, extra thin and poorly made.
They have all kinds of ways of cheating us.
Coincidentally, today I watched a YouTube video showing an ad for a 1956 Frigidaire. The video commented on the comparison of that unit's materials and workmanship to the inferior stuff of modern refrigerators. As you say, all kinds.
My question was somewhat irrational. I am a recent participant with Lymphoma. I have United Health Care/Medicare. My monthly infusion consists of a bill recording $34,987 of which $31, 450 is for the drug used. As we subtract, this leaves $3,537 of which $1800 is for administration.
The physician receives $1700 for a 20 minute visit. These monthly sessions allows for a lunch period of $383. My question is why does a 1hr-28min drip costs $31, 450? This would allow for a $349 per minute drip fee compared with lunch at $383. Why is this medicine so expense?
David, that's a lot to deal with at a time when your energies would better be directed toward healing and recovery. We wish you success with your treatment and the best of health !
The hematologist/oncologist supervising the infusion is responsible for ordering and review up to 4 lab reports monthly - multiple organ functions, tumor markers, the works. Physician is p'bly supervising any staff, including nurses who assist with the actual infusion, check the PICC line, talking to other specialists, sharing concerns relative to any - or + effect of the treatment. Physician in a group running an oncology infusion center cover all the equipment, liability insurance, rent, cleaning, staffing associated with running the entire enterprise. If the physician is salaried, the fee on the bill may not reflect what goes to the physician, but is used by the Equity Group or Health Care Group who own the place and hire salaried physicians. Burn out rate in oncology in 2023 was 59%.
In the US the whole health care system is "for profit", with competing private insurance & private hospitals.
In one-payer insurance systems controled or run by govt, total costs (public + private) are much less.
In the US, the rich pay much more for health care. The younger & healthier tend to avoid paying for health insurance, which also drives up the average cost for those insured.
All other advanced countries, like Canada, have a one-payer health insurance system (which saves considerable costs over the US system), and govt controled hospital & other health care, which guarantees everyone, including the poor, has the right to high-quality decent health care.
The systems in other advanced countries vary somewhat, many being more generous than Canada.
Love both of you, especially together!!!!
Mr. KRUGMAN is a good teacher!
thank you again for the analysis and clarity
Is there anybody in Trump's orbit (including his cabinet members) knowledgable about economics? Trade deficits? (I'm missing someone like Gary Chon who would hide Trump's EO's on tariffs.)
Thank you both, for contributing to my free-loading Continuing Education of an Economist.
We're all political economists, caring lots about long-term trends in real wages and employment. Your conversation makes the rest of us smarter.
We're seeing the promised Green New Deal jobs boom in California's carbon-economy innovations in forests management, with co-evolution of financial structures based on recognition on managed balance sheets of the carbon captured already, currently at risk, and the potential for future carbon capture.
Washoe Forests Carbon Bank is our close-at-hand prototype.
Thank you both for exemplifying what public economic discourse should be — rigorous, accessible, and anchored in moral clarity. As someone who’s spent a career at the intersection of energy, environmental and economic policy, infrastructure, and civic renewal, I see conversations like yours as a vital counterweight to the spectacle-driven narratives and performative theatrics that dominate our media. In sharing your work with the public, you’re not merely interpreting numbers or economic history — you’re helping restore trust in the idea that governance can be informed, thoughtful, humane, and above all, strategic.
I urge you both to continue applying your expertise to the deeper task: helping us envision and construct a better world for all humankind. The public — and especially our leadership class — urgently needs economists who can frame our most pressing collective challenges with precision and empathy. As the political cycle begins anew today in Virginia, New Jersey, California, and New York City, shaping the platforms for the 2026 Midterms, we need your help to rank these challenges, define them clearly, and offer actionable, scalable solutions. This isn’t just technical work — it’s civic work. And it’s foundational to rebuilding trust in the core tenets of the American Experiment and the global cooperation essential to a functioning market-based world economy.
The broadly accepted transition to sustainable electric energy must be managed with minimal disruption. I’ve just returned from witnessing the baptism of my first great-grandson, Jack. His joyful face and alert curiosity stirred fresh reflections on how we might make the world better for generations to come. We have the tools. And I remain convinced that the post–World War II model — strategic, cooperative, and visionary — still offers a sound foundation.
Keep going. Your voices, your clarity, and your training in defining and prioritizing issues matter. Now, more than at any time in my lifetime, we must hold candidates to a rigorous standard: define the problems so clearly that the solutions and investment priorities become self-evident.
A subsidiary of Cantor Fitzgerald, run by commerce secretary Howard Lutnick sons, is letting clients bet that Trump’s tariffs will be struck down in court. "Cantor Fitzgerald & Co., say they have the capacity to buy the rights to hundreds of millions of dollars in potential refunds from companies who have paid Trump’s tariffs, according to documents viewed by WIRED" - is it legal for an insider to suggest that there may be a way to invest in a recapture of illegal tariffs?- and lure investors ? Kyle and Brandon are both in their 20's. Where is the GOP on this ?
Excellent discussion. Thank you!
I have worked for insurance companies in the SF Bay Area since the late 1960s. The one I worked for in the late 90's was totally immersed in writing business and not being concerned with claims costs because of the very unusual re-insurance they were able to procure. This resulted in a major crash in the whole P&C market and the failure of my company. Basically, it was the widespread use of tranches, or what we called back then "pass the trash". My company resurfaced in the sub prime RE market and quickly became the third largest writer. They sucked out all the cash possible as that operation crashed helping to cause the RE crash. The point of all this is that all that turmoil was due to many of the same players coming up with variations of Ponzi schemes and hoping they're not caught holding the bag when it blows up. Much of that mentality exists today and drives many of your concerns, especially about bubbles. They are nothing new, whether they are tulips, trains, houses, tech ventures, crypto or AI. I do believe the last two are real and I just hope they have soft landings. Thanks for the very informative interview.
Prices are sticky, wages are not. And yes, it's gauging.
Cruelty & chaos hunger games terrorizing kids & protecting pedophiles: Christian values? Imagine if a Dem had done this. Trump threw a party complete with sequined feathered dancers and yes a scantily-clad woman in a giant martini glass. The party held just hours before 42 million Americans were about to lose federal food assistance as 1.4 million federal workers are going without pay was grotesque. It was also like everything Trump unspeakably vulgar. Imagine if a Dem had done this. https://open.substack.com/pub/paulkrugman/p/the-big-smirk?r=aexlz&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false
Because this time is different? Lol😂
It is so refreshing to listen to subject matter experts. It's like taking a shower after soaking in seawater all day.