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Krugman: Recession Could Be Solved In Just Two Years If We Spent More

BILL MOYERS: And you argue that this could actually be solved in two years?

PAUL KRUGMAN: That's right. And that's not a number plucked out of thin air. That's a guess at how long it would take to get a serious spending program going. And we could actually make a lot of difference in it even quicker than that because the fact of the matter is, far from having effective job creation program, we've actually been pulling back. We've seen state and local governments lay off hundreds of thousands of school teachers. We've seen public investment in basic stuff like road repair cut way back. If we just went back to normal rates of filling potholes and normal rates of employment of school teachers, that could be done in months.

BILL MOYERS: You wonder why, given the suffering, Congress and the White House haven't acted.

PAUL KRUGMAN: Well, there are I think two, two levels of opposition. And one of them is just raw politics. We have a powerful political movement in this country that has a longstanding goal of rolling back all of the social programs, all the safety net that we've created. They want smaller government. They want reduced public services. Even the idea of public schools is very much under attack. They want it all to be switched to a system of vouchers. And they see this, you and I see a disaster, they see an opportunity. Here we have cash strapped state and local government. Good. Forced to cut back in government. They don't want to do anything that will make it easier for them to, for government as we know it to continue. That movement controls one political party. And that political party controls one house of Congress. And that is enough to stand in the way of a lot of things we ought to be doing. Then there's the second level, which is this odd coalescence of, I picked up the phrase from other people. Actually, from the blogger Duncan Black. "Very Serious People," capital V, capital S, capital P. (Moyers & Company, January 11, 2013)

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