You’re describing Modern Monetary Theory (MMT), or really the parody of it that was popular in discussions online. Krugman actually generally felt it went too

You’re describing Modern Monetary Theory (MMT), or really the parody of it that was popular in discussions online. Krugman actually generally felt it went too far, and was not a proponent of it. There is some similarity to his making fun of people worried about “bond vigilantes,” iirc. But I don’t think your characterization of his positions is accurate.