.om: paul gruenwald with us brian belski will join us later on, the u.s. equity markets. we dive into real news tomorrow with the jobs day. capital,ross of janus and james glassman will join us from jpmorgan. our usual a team for jobs day. ♪

let's get paul gruenwald into the conversation. ou rightly point out, it depends on what kind of spending a government does. paul: there is good debt and bad debt. if you look at the u.s., you need infrastructure, interest rates are low. there's a good case to ramp up infrastructure spending. if the debt is created to fund that sort of investment, then it is probably ok. i think we wait for the details. there is a good economic case if it is heading to infrastructure. tom: when i look at the word austerity, austerity in england is different than austerity in europe, is different than austerity in america. is there a thinking of austerity across asia, is that even part of the discussion across the asian nations? err onn asia we tend to the other side. south korea, even if growth is low and global trade has not recovered, they are still trying to run a fiscal surplus because they think that is good fiscal policy, so you are not getting the policy mix right where you have an easy monetary policy. outside of china, it's actually 2009, i