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CNN Fareed Zakaria GPS June 2, 2013 17:37:00

we don t know that. this is, i have to say, important that somebody get these things right but it is kind of witchcraft. we don t know whether households will look at a certain point and say, gee, i hadn t really noticed that payroll tax hike, but our bank account is dwindling and they pulled back some. we don t know whether some of these things, whether some of the cuts from the sequester have yet to happen. there is some other good news that people aren t talking about, which is actually a positive. state and local governments have many stabilized their finances. california has a budget surplus and that means one of the big drags, which is the cuts at state and local level is over. that s a positive. this could go either way. i guess what i would say, we re still deep in a hole and we need a lot of climb before i m willing to call this anything like prosperity. i have to ask you about this because this is the spat between two celebrity economists. ....

Payroll Tax Hike , Bank Account , People Arent Talking About , Budget Surplus , Celebrity Economists ,

CNN Fareed Zakaria GPS June 2, 2013 14:38:00

Willing to call this anything like prosperity. i have to ask you about this because this is the spat between two celebrity economists. ken rogoff and carmen rinehart which countries start growing much, much more slowly. they wrote a letter back because you criticized them for feeding this austerity mania which caused governments to slash spending and they say you have engaged in spectacularly uncivil behavior in the past weeks and you attacked us in very personal terms, virtually nonstop. you have doubled down, your characterization of our work to selection a is selective and shallow. it is deeply misleading. what does it feel like? it s very unpleasant. ....

Celebrity Economists , Ken Rogoff , Carmen Rinehart , Austerity Mania , United States , Selection A ,