For chromal, who was worrying over deficits over lunch today, here's Tom McGuire on the medium-longterm economic question. Mostly, it's a roundup over the latest Krugman squawk of "the sky is falling!". I don't really have the chops for this sort of analysis, I can only gaze back at Krugman's historically sub-Galbraithian record, which seems to exceed the usual economist preformative standard of "he's predicted five of the last two recessions".