Krugman Pitches ‘Serious’ New Government Spending to Kickstart Economy

MOYERS Yeah you make ░░░░░░░░ very powerful point in ░░░░░░░░ of the impact of ░░░░░░░░ out of work now ░░░░░░░░ the lifetime career of ░░░░░░░░ young person who has ░░░░░░░░ job at the moment ░░░░░░░░ We have pretty good ░░░░░░░░ on you know how ░░░░░░░░ does it take to ░░░░░░░░ up for the fact ░░░░░░░░ you happen to graduate ░░░░░░░░ college into a bad ░░░░░░░░ market And the answer ░░░░░░░░ forever You will never ░░░░░░░░ MOYERS How so what ░░░░░░░░ you mean KRUGMAN You ░░░░░░░░ never get you ll ░░░░░░░░ years getting onto the ░░░░░░░░ ladder By the time ░░░░░░░░ get a chance to ░░░░░░░░ a job that makes ░░░░░░░░ sense you know that ░░░░░░░░ any use of your ░░░░░░░░ you will already be ░░░░░░░░ as somebody Well you ░░░░░░░░ 28 years old and ░░░░░░░░ haven t held a ░░░░░░░░ position Well yeah I ░░░░░░░░ t because there were ░░░░░░░░ jobs It just shadows ░░░░░░░░ whole life And it ░░░░░░░░ very clear in the ░░░░░░░░ from past recessions which ░░░░░░░░ been nowhere near as ░░░░░░░░ as this one The ░░░░░░░░ thing I think I ░░░░░░░░ to say here is ░░░░░░░░ we have in some ░░░░░░░░ made things more civilized ░░░░░░░░ also more invisible Somebody ░░░░░░░░ that food stamps are ░░░░░░░░ soup kitchens of the ░░░░░░░░ depression That there re ░░░░░░░░ lot of people who ░░░░░░░░ be standing in line ░░░░░░░░ get that soup who ░░░░░░░░ instead and it s ░░░░░░░░ good thing who are ░░░░░░░░ getting I guess it ░░░░░░░░ now called SNAP Supplementary ░░░░░░░░ Assistance Program but who ░░░░░░░░ getting those debit cards ░░░░░░░░ are getting essential food ░░░░░░░░ And they re at ░░░░░░░░ grocery store and they ░░░░░░░░ like anybody else But ░░░░░░░░ fact of the matter ░░░░░░░░ they are still as ░░░░░░░░ they re getting by ░░░░░░░░ to day with the ░░░░░░░░ of a trickle of ░░░░░░░░ aid just like the ░░░░░░░░ who were on standing ░░░░░░░░ line at the soup ░░░░░░░░ in the 30s but ░░░░░░░░ re not visible The ░░░░░░░░ of damage that s ░░░░░░░░ done is enormous The ░░░░░░░░ of suffering of people ░░░░░░░░ enormous And if it ░░░░░░░░ t out there visible ░░░░░░░░ the streets if it ░░░░░░░░ dispersed across a suburban ░░░░░░░░ know if you see ░░░░░░░░ house with a for ░░░░░░░░ sign that s been ░░░░░░░░ there for a while ░░░░░░░░ may not know the ░░░░░░░░ about the family that ░░░░░░░░ driven from its house ░░░░░░░░ they one or both ░░░░░░░░ lost jobs and couldn ░░░░░░░░ find others Or and ░░░░░░░░ were foreclosed on But ░░░░░░░░ s a real story ░░░░░░░░ the same And there ░░░░░░░░ lots of that going ░░░░░░░░ And none of this ░░░░░░░░ to be happening MOYERS ░░░░░░░░ you argue that this ░░░░░░░░ actually be solved in ░░░░░░░░ years KRUGMAN That s ░░░░░░░░ And that s not ░░░░░░░░ number plucked out of ░░░░░░░░ air That s a ░░░░░░░░ at how long it ░░░░░░░░ take to get a ░░░░░░░░ spending program going And ░░░░░░░░ could actually make a ░░░░░░░░ of difference in it ░░░░░░░░ quicker than that because ░░░░░░░░ fact of the matter ░░░░░░░░ far from having effective ░░░░░░░░ creation program we ve ░░░░░░░░ been pulling back We ░░░░░░░░ seen state and local ░░░░░░░░ lay off hundreds of ░░░░░░░░ of school teachers We ░░░░░░░░ seen public investment in ░░░░░░░░ stuff like road repair ░░░░░░░░ way back If we ░░░░░░░░ went back to normal ░░░░░░░░ of filling potholes and ░░░░░░░░ rates of employment of ░░░░░░░░ teachers that could be ░░░░░░░░ in months.”