What John H. Cochrane thinks about America
Economist at the Hoover Institution, previously at the University of Chicago's Booth School of Business, and the author of the fiscal theory of the price level. Writes at The Grumpy Economist.
Everything they publish, on ppll ↗
John H. Cochrane did not write this page.
We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.
3 dated positions, 2025, in their own words. Our reading of what John H. Cochrane has said — not written or endorsed by them.
The shading behind a date shows how recently it was said: full within a month, empty after three years.
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Our readingThe American trade deficit is foreigners choosing to invest in America, not America being cheated.
Their wordsthis story tells us how an increase in foreign demand to save in the US rather than at home will push up the dollar, and cause the trade deficit, which is in effect how foreigners send us factories which they would rather build here than in their own countries.
↗Tariffs, saving, and investmentgrumpy-economist.com 2nd of 6 in this piece
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Their wordsIn sum, spurred on by the federal government (in many ways), the US borrowed a huge amount from foreigners at very low rates, and went on a consumption binge. Sooner or later we have to pay it back, or we go though the wrenching adjustment of a debt crisis.
↗Tariffs, saving, and investmentgrumpy-economist.com 3rd of 6 in this piece
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Our readingThe binding constraint on building anything in America is permitting and litigation, not money.
Their wordsEndless lawsuits, cost-exploding contracting requirements, decades to get permits, and more bedevil any attempt to invest here.
↗Tariffs, saving, and investmentgrumpy-economist.com 4th of 6 in this piece
The shading behind a date fills in quarters: said within a month, six months, a year, or three years. Empty means more than three years ago. It says when, not whether it still holds — a change of mind is marked on the claim itself.
Striped means we only know the words existed by that date; they may be older.