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."