VIDEO-- Paul Krugman reacts to sequester madness: "This is not the time to be cutting at all." Oh, and spending has FALLEN.

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chart graph government spending down under obama

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Ed Schultz:

"Government spending actually fell rapidly after the stimulus ended."

"The last time we saw spending cuts this deep was after the Korean War."

"Progressives, they don't want chained CPI. There's no indication it would ever help the economy." (Here’s what “chained CPI” would do.)

chart deficit cuts not taxes

Paul Krugman:

"These are especially dumb cuts."

"Austerity hurts even more than the standard estimates say."

"...We are demonstrating that we can't govern ourselves..."

"This was designed to be stupid."

"This is exactly what the doctor did not order."

"The fix-it is just repeal the whole thing. We shouldn't be doing any of this."

"This is not the time to be cutting at all."

"The budget deficit is an issue for the next decade, it's not an issue for now."

"We have capital with no place to go... The government should be taking advantage of that ... to be fixing stuff."

"It's insane, top to bottom."

"Not that [deficits] never matter, but they really don't matter right now."

"The budget deficit is a result of the crisis, not the cause of it."

"The main thing right now is... mass unemployment. Create jobs... Get those school teachers rehired. Fix those bridges."

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