Paul Krugman puts on his white hat and attacks the debt and deficit posse.
The New York Times | The Conscience of a Liberal
A Double Shot of Misunderstanding
Paul Krugman | Professor of Economics, Princeton University
See also Krugman's companion post, On the Economics and Politics of Deficits
Grand Bargain or Great Scam?
Evan Soltas, mentioned therein, amplifies in Follow-Up: Deficit Cyclicality