Krugman: $10 trillion available for economic rescue
Princeton economic professor Paul Krugman told ABC’s Good Morning America that the U.S. economy could afford up to $10 trillion in stimulus programs.
“How much money can the government spend in rescuing the economy? The answer is alot. It’s not unlimited. You know, a trillion here, a trillion there and soon you’re talking about real money. Advanced countries with stable governments — which is us — can borrow up to 100% more than that of GDP and you work that out and we probably have $10 trillion of running room if we have to use it. I don’t want to get there but we’ve got a long ways to go.”
This video is from ABC’s Good Morning America, broadcast Dec. 2, 2008.