More than five years after the Great Recession officially ended in June 2009, a whopping 72 percent of Americans think the economy is still mired in a recession. And while they're technically wrong, it's not hard to see why they have that idea. Despite 56 consecutive months of private sector job growth, the labor force participation rate is at its lowest level since 1978. While the top 1 percent has bounced back just fine, middle-class wages remain stagnant. Can you blame the country for not breaking into "Happy Days Are Here Again"?

In his New York Times column this morning, Nobel Prize-winning economist Paul Krugman identifies what's behind the sluggish economy -- and it isn't "Washington gridlock" or "partisan squabbling." Instead, Krugman declares, it's "the destructive ideology that has taken over the Republican Party."

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Since the recovery, Krugman writes, "America has been awash in savings," with both individuals and businesses reluctant to spend and make big investments. "And the mismatch between desired saving and the willingness to invest has kept the economy depressed," Krugman contends. "Remember, your spending is my income and my spending is your income, so if everyone tries to spend less at the same time, everyone’s income falls."

What's the solution? Given what Krugman calls our "huge infrastructure needs, especially in water and transportation" -- and considering the incredibly low interest rates on U.S. government bonds -- massive public investment in infrastructure is in order. Instead, infrastructure spending has plummeted in recent years, as Republicans have proven obstinate in their opposition to the Obama administration's proposals for infrastructure investments. Underlying that opposition is an ideology of "overwhelming hostility to government spending of any kind," Krugman argues. And thanks to the right-wing capture of the GOP, our economy remains depressed.

More from Krugman's column:

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