Word: achuthan
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...LAKSHMAN ACHUTHAN: It's very much a question of timing. Essentially, a weak economy trumps a deficit. Now, if we have an economy growing, it could put some wind at the back of interest rates and pose some hurdles for economic growth...
...ACHUTHAN: So it's not that deficits don't matter--it's that sometimes they're at the front of the line and sometimes behind other concerns. Right now it's jobs...
...ACHUTHAN: There has obviously been some impact from the stimulus. But I don't know that it's had the desired effect. We have this jobless recovery, and this is not normal. You're losing jobs as the overall output is growing, in a way you've never seen before. So let's say you give tax cuts for capital investment. What is the result? You have a little bit of capital investment that increases productivity. That means that you don't have to hire someone...
...ACHUTHAN: It's not that you're not getting something for your money. You're getting growth. It's going to go to 4% and 5% in the next couple of quarters. The problem is, it's not translating into the job growth you typically see. If you're a business, you take the tax incentive to invest in productivity-enhancing equipment, and you take the opportunity to move some labor costs abroad...
...ACHUTHAN: The difference is, this time around it's a different recovery. You're not going to follow a pattern of jobs snapping back to the rise in growth...