Krugman on the Jobs Plan

Very interesting stuff, worth checking out.

Even though Obama's jobs plan is "bolder and better" than Paul Krugman expected, the Nobel-Prize winning economist still told Bloomberg Television on Friday that it might not be enough to stave off global recession.

The risk of global recession is "quite high, maybe 50 percent," Krugman told Bloomberg. He added: "The risk of something that feels like a recession is much higher than that. My central belief is that we're likely to have higher unemployment a year from now than we do today."

Krugman said that while Obama's plan "could make a noticeable difference to the economy," Republican opposition to the President's proposal, on top of the euro zone crisis, still makes recession a substantial possibility.

Had the video imbedded here, but it's auto play, so fuck that. Click on the link to watch the whole thing.