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Krugman: Cutbacks In Public Sector Are What's Hurting The Recovery

“The real story about this economy is that the cutbacks at the public sector are what’s hurting the recovery," Paul Krugman said in his defense of President Obama declaring the private second to be just fine.

“By this point in Obama’s presidency, if we had normal public sector job growth, we would have around 800,000 more people. Firefighters, schoolteachers, police officers. Instead, we’ve got 600,000 fewer. So right there, it’s like 1.4 million jobs that we should have had in the public sector. And, of course, those would have translated into more private sector jobs too. So that’s what he was trying to get at, and of course, he screwed up the line," Krugman said on CBS's "This Morning."

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