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Strategy on the part of the republicans who are being so obstinate and uncompromising, they've managed to move the debate from jobs to sequester. i'm not sure all members of congress could define sequester. it means automatic cuts with no thought. the meat ax just falls wherever. but they've managed to shift to a different turf, and therefore we're not arguing about how do we create more jobs in this country? because with a 7.8 unemployment rate, you're not going to balance the budget. we have to cut that by half. jared tried so hard in his own career and service to the people of our country t...

Have just gotten underway today in kazakhstan. and, and, and, and, and. it's that kind of day. this is that kind of news cycle. there is that much going on. this is a ton going on right now in politics. but in this city you might never know it. because the thing that is happening here that is dominating everything else, that is all but eclipsing all those other significant things going on in the country which might need some attention, hey, alaska is kind of succeeding, the thing that d.c. is spending all its time on and that the entire federal government has been wrenched around into dealing ...

>> right. >> how much of it is reversible? and what would be the best way to reverse it? >> well, first of all, it would be great if policymakers would at least take a do no harm, a hippocratic oath. if i were pulling levers, i would implement job measures of the type the president introduced in the jobs act, the kind that congresswoman kaptur is constantly banging up there. i don't think that's very realistic right now. so my first argument could be to do no harm. just put these kinds of spending cuts off until the economy is firing on all cylinders again. now let me be precise. i'm not imply...

Trying to point there in the other direction. there are a lot of people in this town whose policy agenda, whose ideology really depends on everyone's hair being on fire about the budget deficit. because their ultimate goal is to cut government, to slash government, to get rid of social insurance. and if people actually are aware of the kind of numbers you just showed, the fact that the deficit has fallen by half as a share of gdp. they say we have a spending problem. i just looked at the numbers the other day. between 2009 and 2012, spending was up 0.6%. >> it's out of control, spiraling out o...

Billion out of americans this year. i've looked at estimates of economists across the board, nonpartisans who argue that put it all together, add the sequester on top of it, and you're talking about growth that is about a percent and a half slower this year than it would be otherwise. let me read you a quick quote from somebody today up on capitol hill. "moreover, besides having adverse effects on jobs and incomes, a slower recovery would lead to less actual deficit reduction in the short-run." now that's not karl marx or chairman mao. that's ben bernanke. he is saying not only does slower gro...