This is so important because down here in Washington, DC, there are really two very different schools of thought on this; aren't there? There are some people, and I think they are people probably who come from your background as executives in companies, people who had responsibility and had your own small business, and you understand what it takes to make a small business work. And the mind-set of those people when you get into trouble over spending is that you have to either increase your revenue somehow or you are going to have to cut back your spending. But there is a whole other school of thought down here which to me is kind of weird because I come from the business world, too, and the theory is that somehow you can get the economy going by spending a ton of money, and that is what the 'stimulus' bill that we passed 2 years ago, it was supposed to create I don't know how many hundreds of thousands of jobs. The projections in terms of the numbers of jobs it was going to produce, it actually lost more than what they projected it was going to do.
Editor's note · Context
The speaker discusses differing economic philosophies regarding government spending and its impact on job creation.
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