05/21/2010 10:25 am ET Updated May 25, 2011

Paul Krugman: The U.S. Is Not Like Greece, We're Like Japan

For the past few months, much commentary on the economy --some of it posing as reporting -- has had one central theme: policy makers are doing too much. Governments need to stop spending, we're told. Greece is held up as a cautionary tale, and every uptick in the interest rate on U.S. government bonds is treated as an indication that markets are turning on America over its deficits.