it is not so much the deficits that are straggling the economy as what we chose to spend that borrowed money on. Quantitative easing, aka running the printing presses could be justified in the face of the obvious deflation affecting the economy if at the same time taxes were lowered and government spending were reduced. But the very bureaucracy Krugman wants to borrow money to keep on the job is what is strangling job creation and private enterprise.
ultimately for every liberal it always boils down to one thing. bigger government must be better especially if it means that people like me run it. Unless America can find a way to strangle this beast that is government it will eat it's own.