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Paul Krugman Explains The Keys To Our Recovery

Nobel Prize-winning economist and New York Times columnist Paul Krugman argues that saving money is not the path to economic recovery. Instead, he tells Bill, we should put aside our excessive focus on the deficit, try to overcome political recalcitrance, and spend money to put America back to work. Krugman offers specific solutions to not only end what he calls a “vast, unnecessary catastrophe,” but to do it more quickly than some imagine possible. His latest book, End This Depression Now!, is both a warning of the fiscal perils ahead and a prescription to safely avoid them.

Bill’s conversation with New York Times columnist Paul Krugman yielded many insights, cautions, and honest takes on Jack Lew, President Obama’s choice for Treasury Secretary. We clipped three of those specific moments — including one web-exclusive that will not be shown on air — below.

In the first cut, Krugman discusses public support for seeing him in the Treasury position, and why Lew might have the right temperament for the job.

In this next, web-exclusive clip, Bill asks Krugman what he thinks of Jack Lew’s stated view that financial industry deregulation was not the “proximate cause” of the financial crisis, a view that recently moved Senator Bernie Sanders to oppose Lew’s nomination.

Finally, Krugman talks with Bill about the bleak hopes of economic recovery for many hard-hit Americans, particularly the young and unemployed. Krugman calls the situation a “vast, unnecessary catastrophe,” but says solutions are possible, and can happen more quickly than most think.

A full transcript of the discussion is available at BillMoyers.com.

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