Transcript: 'Fareed Zakaria GPS' (2-17-13)

Full transcript. Excerpt below:

FAREED ZAKARIA, CNN HOST: This is GPS, the Global Public Square. Welcome to all of you in the United States and around the world. I'm Fareed Zakaria.

On today's show, the gun debate and the state of the two biggest economies in the world. First up, on Tuesday, in the State of the Union, President Obama challenged Congress to vote on proposals to get weapons of war off our streets, but will it happen? Can it happen? We'll talk to a world leader who made it happen in his nation.

Then, Larry Summers on how to create jobs in America. The former Treasury Secretary
on how the president can achieve the goals he laid out for the economy.

Then, many worry that the world's second largest economy is headed for a crash. A rare inside look at the inner workings of the Chinese economy. What's really happening there?

Also, what in the world will get North Korea to end its nuclear ambitions? I'll give you my plan.

But, first, here's my take. President Obama's State of the Union Address presented an expanded vision of smart government to create jobs and revive the economy. It had many important ideas in it.

Yet he lowered his sights on the single policy that would both jumpstart the economy in the short-term and create the conditions for long-term growth; infrastructure spending.

Having tried several times to propose infrastructure bills of around $50 billion, just 0.3 percent of gross domestic product, the president now further scaled pack proposing a fix it first plan that repairs 70,000 bridges that are literally falling down nationwide.

Maybe this is all he thinks he can get through the Republican House, but it would really just place a Band-Aid on America's cancer of failing infrastructure.

A 2009 study of U.S. infrastructure by the American Society of Civil Engineers concluded that we need $2.2 trillion to be spent over five years to bring the nation's roads, bridges, railway tracks, airports and associated systems up to grade.

Let me make three crucial points. First, this is the big bang. It would be the most effective way to create good jobs. Unemployment in the construction industry is among the nation's highest, around 16 percent. The private sector is still not investing much in construction.