I’m so glad Danny Yagan produce this analysis. It’s a very important, but under explored, way of thinking about debt sustainability.

Really informative thread from someone who knows a thing or two about analyzing budgets.

From the Bank of Israel's Head of Monetary Analysis Itamar Caspi on my Friday thread, translated: "An interesting thread on the stability of the US government debt. It raises an important point (and a trivial one after thinking about it a bit) - the higher the debt-to-GDP ratio,

NEW PAPER! (w/ Ed Fox) We study 1) how much the wealthy borrow, quantifying “buy-borrow-die” for the first time, and 2) how much unrealized gains impact their taxes. The results changed (some of) our thinking on how to tax those at the top. 🧵 w/ findings ⬇️

Last April, Natasha Sarin Danny Yagan and I launched The Budget Lab. We were excited about our team and what we were planning to produce - but absolutely could not have predicted this wild year 1/

Hard to think of an organization having a more impactful first year than The Budget Lab. They’ve quickly become a go-to for rapid, comprehensive, and innovative analysis around a range of tax and budget issues.

Full disclosure: I'm friends with everyone involved but when they first consulted with me about their ideas for The Budget Lab I thought it was worth a try but skeptical that it could accomplish 25% of what their ambitious plans. It is currently running closer to 400%.

.The Budget Lab has had an amazing first year. I have used their analysis many times. Congratulations Martha Gimbel, Natasha Sarin, Danny Yagan, Ernie Tedeschi, et al.

From new to essential in record time.

Brian Goldsmith: A good-governance great-human-being candidate for CA State Senate representing West LA and South Bay. Check him out! “Our people are inventing the future, but our government seems stuck in the past.”

Go Stefanie Stantcheva !

Go John N.Friedman !

The story about our forthcoming book on the Stealthy Wealthy is on the front page of the WSJ. Please sign up here for updates on the book: everywheremillionaire.substack.com/p/the-stealthy…