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Bernstein: Cutting Government Spending Reason Why Economy Shrunk

JARED BERNSTEIN: "In a climate where the private sector isn't back up and running the way we need it to be at, guess what happens? The economy grows more slowly. Government is a significant part of the economy. And if we've learned anything from Europe -- which as you, again, unfortunately suggested we haven't, but if we were going to learn anything from Europe, what we would learn is -- in fact if you cut government spending in a time like this, you're going to grow more slowly."

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