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Google chairman pushes for more stimulus

Google Chairman Eric Schmidt called on Washington to think big about solutions for the nation's struggling economy calling the current emphasis on cutting spending instead of new stimulus "ludicrous."

The economy would need "not just something like the jobs bill, but also significant government stimulation in terms of buying power and investment," said Schmidt on ABC"s "This Week" on Sunday.

"Otherwise, we are set up for years of extraordinarily low growth in the economy and no real solution to the jobless problem," he warned.

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"The current strategy is ludicrous. You have a situation where the private sector sees essentially no growth in demand. The classic solution is to have the government step in and, with short-term initiatives, help stimulate that demand. If they do it right, they'll invest in income and growth producing things like highways and bridges and schools, new opportunities for the private sector to go then build businesses," proposed Schmidt.