What deficit crisis? -- saith Paul Krugman

http://www.nytimes.com/2012/12/17/opinion/krugman-that-terrible-trillion.html

"Right now, given reasonable estimates of likely future growth and inflation, we would have a stable or declining ratio of debt to G.D.P. even if we had a $400 billion deficit."
***
"If you do the math, it seems likely that full economic recovery would raise revenue by at least $450 billion."
***
"A reasonable estimate is that economic recovery would reduce federal spending on such programs by at least $150 billion."
***
"Which brings us back to ONE TRILLION DOLLARS."
******