06/21/2010 09:51 am ET | Updated May 25, 2011

Paul Krugman: Why We Should 'Spend Now, Save Later'

Spend now, while the economy remains depressed; save later, once it has recovered. How hard is that to understand?

Very hard, if the current state of political debate is any indication. All around the world, politicians seem determined to do the reverse. They're eager to shortchange the economy when it needs help, even as they balk at dealing with long-run budget problems.