Barack Obama's American Jobs Act - Paul Krugman

  • Aired:  09/13/11
  •  | Views: 66,143

The New York Times' Paul Krugman talks about the Lesser Depression and the confidence fairy's effect on the American economy. (4:32)

BUT FOLKS I SAY THE NAIL IN THE

COFFIN HERE IS THAT LIBERALS

LOVE THIS BILL.

EVEN "NEW YORK TIMES" COLUMNIST

IN AND LEAST INTERESTING VERSION

OF THE WORLD'S MOST INTERESTING

MAN, PAUL KRUGMAN WHO HAS

OPPOSED NEARLY EVERYTHING THE

PRESIDENT HAS DONE, CALLED THE

BILL SIGNIFICANTLY BOLDER AND

BETTER THAN I EXPECTED.

WRONG, SIR!

THIS THING WILL NOT WORK AND NO

ONE CAN TELL ME OTHERWISE.

HERE TO TELL ME OTHERWISE,

PLEASE WELCOME MY FIRST NOBEL

LAUREATE OF THE EVENING, PAUL

KRUGMAN.

PAUL, GOOD TO SEE YOU AGAIN.

THANKS FOR COMING.

(CHEERS AND APPLAUSE)

PAUL, I DO NOT... I DO NOT

UNDERSTAND, OKAY.

YOU ARE A NOBEL LAUREATE IN

ECONOMICS.

YOU MUST KNOW THAT THE

GOVERNMENT CANNOT DO ANYTHING.

>> IT CAN KILL PEOPLE.

WE'VE JUST SEEN THAT

DEMONSTRATED.

>> Stephen: YES, YES!

AND THEN THOSE PEOPLE DON'T NEED

JOBS.

CHECK MATE.

(LAUGHTER)

THAT'S PERRY'S JOBS PLAN.

HOW DO YOU CREATE JOBS WITH

GOVERNMENT MONEY?

THOSE ARE TEMPORARY JOBS.

>> FIRST OF ALL, TEMPORARY JOBS

ARE SOMETHING WE REALLY KIND OF

NEED, RIGHT?

SUPPOSE THAT WE... THAT

CORPORATIONS BECAME MORE

COMPETENT AND DECIDED TO BORROW

SOME MONEY AND SPEND AND BILL

NEW PLANTS AND EQUIPMENT.

>> Stephen: RIGHT.

>> EVERYBODY THINKS THAT WOULD

CREATE JOBS, RIGHT?

>> Stephen: RIGHT.

>> BUT IF THE GOVERNMENT GOES

OUT AND BUILDS BRIDGES AND

REPAIRS SCHOOLS AND PUTS PEOPLE

TO WORK IN HEALTH CARE AND THEN

HIRES MORE SCHOOL TEACHERS, WHY

IS THAT ANY DIFFERENT?

>> Stephen: BECAUSE OBAMA WILL

GET CREDIT.

(LAUGHTER)

THE BEST POSSIBLE WAY TO CREATE

JOBS, THE ONLY WAY TO CREATE

LASTING JOBS IS TO CUT TAXES FOR

BUSINESSES AND TO GET RID OF

REGULATION.

REGULATION IS STRANGLING JOBS.

THEN BUSINESSES WILL HAVE

CONFIDENCE AND THEY CAN PLAN FOR

THE FUTURE.

>> SO I HAVE... I I HAVE

INVENTED A CHARACTER.

SHE PLAYS A BIG ROLE IN A LOT OF

THESE DISCUSSIONS.

I CALL HER THE COMPETENCE FAIRY.

IF YOU LOOK AT WHAT THE RIGHT

WINGERS ARE ALWAYS SAYING,

THEY'RE GOING TO LAY OFF SCHOOL

TEACHERS, THEY'RE GOING TO SLASH

JOBS, THEY'RE GOING TO NOT BUILD

BRIDGES, THEY'RE GOING TO LET

THE BRYNS WE ALREADY HAVE FALL

DOWN BUT THAT'S OKAY BECAUSE THE

CONFIDENCE FAIRY WILL COME IN

AND MAKE THE ECONOMY GROW.

NOT GOING TO HAPPEN.

AND, IN FACT, LOOK....

>> Stephen: PAUL?

>> YES.

>> Stephen: THERE MIGHT BE

CHILDREN WATCHING RIGHT NOW.

(LAUGHTER)

THE CONFIDENCE FAIRY IS REAL,

ISN'T IT?

>> U, RIGHT, YES.

>> Stephen: OKAY THANK YOU.

>> BUT THE POINT IS IF YOU ASK

BUSINESSES PROUT PROMPTING THEM

OR HAVING A LOBBYIST SAYING THIS

IS WHAT YOU WANT TO SAY TO...

WHETHER REGULATION OR TAXES IS

THE PROBLEM, THEY BASICALLY

NEVER MENTION IT.

>> NOW, OKAY, YOU SAY THAT THE

CONFIDENCE FAIRY DOESN'T EXIST.

>> RIGHT.

OKAY, SO IF CONFIDENCE ISN'T A

PROBLEM WITH OUR ECONOMY, IS

THAT WHAT YOU'RE SAYING?

>> NO....

>> Stephen: IT'S NOT A PROBLEM.

THEN WILL YOU SAY RIGHT NOW...

WILL YOU SAY RIGHT NOW THAT WE

ARE HEADED INTO ANOTHER

DEPRESSION?

>> WE'RE ALREADY IN KIND OF A

DEPRESSION.

I CALL IT... I'M CALLING IT A

LESSER DEPRESSION.

THERE WAS THE GREAT DEPRESSION

OF THE 1930s....

>> Stephen: THAT HURTS TO HEAR

YOU SAY.

>> WE'RE ALREADY IN SOME THAT IS

FUNCTIONLY LIKE A DEPRESSION.

IT'S NOT AS BAD.

IT'S A LESSER DEPRESSION.

NOT THE GREAT DEPRESSION.

>> Stephen: SHOULD WE START

CREATING MUSICALS WHERE WOMEN

SWIM IN POOLS AND WE SHOULD HAVE

BLOND CURLEY HAIRED CHILDREN AND

AGED NEGROS.

SHOULD WE GO BACK TO THAT

HAPPIER TIME?

WHAT ARE WE GOING TO DO, PAUL

KRUGMAN?

WHAT ARE WE GOING TO DO?

>> I THOUGHT THAT PEOPLE WERE...

IPADS WERE BASICALLY THE

EQUIVALENT.

YOU KNOW, IT'S TRUE, THIS IS

REALLY BAD.

>> Stephen: DID YOU JUST CALL

IPADS AN AGED NEGRO?

(LAUGHTER)

I AM OFFENDED!

I'M NOT GOING TO SIT HERE AND

ASK... HAVE A NOBEL LAUREATE

MAKE RACIST STATEMENTS ABOUT...

PLEASE GO!

>> I WAS SAYING STEVE JOBS IS

ESTHER WILLIAMS.

>> Stephen: STEVE JOBS IS ESTHER

WILLIAMS?

(LAUGHTER)

I DON'T KNOW HOW WE'RE GOING TO

POSSIBLY EDIT THIS.

(LAUGHTER)

THANK YOU SO MUCH PAUL KRUGMAN

OF THE "NEW YORK TIMES."

WE'LL BE RIGHT BACK.

THANK YOU SO MUCH.