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Reich: Government Has To Spend More To Get Out Of Debt

"At this point, there's a huge shortfall between consumer spending, businesses are not going to hire, on the one hand, and also on the economy's potential at full employment or near full employment on the other hand. Government is the spender of last resort. The only way to restart not only jobs, Simon, but also economic growth, which is terribly important for every purpose including deficit reduction. the only way we're going to get the deficits and long-term debt under control is if we get back growth. The only way to get back growth is for government to be this spender of last resort," Former Secretary of Labor Robert Reich told CNBC.

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