Our current obsession with slashing the deficit is getting in the way of real work that needs to be done to preserve both our economy and our democracy. It’s all about jobs, says Paul Krugman. In this excerpt from his interview with Bill,, the Nobel Prize-winning economist and New York Times columnist discusses President Obama’s choice for Treasury Secretary, Jack Lew, as well as his reaction to public support for Krugman himself in that job.

“I probably have more influence doing what I do now than I would if I were inside trying to do the court power games that come with any White House — which I don’t think I’d be any good at, so this is fine,” Krugman tells Bill. “What the president needs right now is a hard-nosed negotiator. And rumor has it that’s what he’s got.”

Watch the full segment.