Ahh, Prof. Krugman presents a rare case of clarity that uses conventional numbers to focus on a problem the politicians and commentators have avoided. Its accuracy can be measured by the primal screams ringing in tomorrow’s blogs.
The political culture became so wrapped up in seeing the problem, fighting over its turf, fixing the formulas to solve it, until the necessary question was buried along with the answer. What happens to the budget if the prolonged recession ended? Of course who else has pointed out the loopy logic of saving future cuts by making future cuts!
The real indictment is that the answers and logic Prof. Krugman puts forth was hidden in plain sight. Consumed by ideology, none are so blind as those who will not see.