Paul Krugman: “Serious Spending” Could Solve Recession In Two Years
Economist Krugman spoke to Bill Moyers.
…Moyers asked Krugman about his argument that the recession could be solved in two years, and he answered, “That’s right, and that’s based on 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. We can actually make a lot of difference even quicker than that. Because the fact of the matter is far from having an effective job creation program, we’ve actually been holding back. We’ve seen state and local governments layoff 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 employing the schoolteachers that could be done in months.”