03/11/2013 08:39 am ET Updated May 11, 2013

Paul Krugman Rips 'Deficit-Scold Industry'

For three years and more, policy debate in Washington has been dominated by warnings about the dangers of budget deficits. A few lonely economists have tried from the beginning to point out that this fixation is all wrong, that deficit spending is actually appropriate in a depressed economy.

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