Krugman's right about one thing: economies that have had large austerity pushes seem to have done worse than countries that have had smaller spending cuts. I do

Krugman's right about one thing: economies that have had large austerity pushes seem to have done worse than countries that have had smaller spending cuts. I don't know that I would agree with Krugman about how much spending needs to happen to recover. Within the next 20 years, spending on Medicare and Social Security are expected to grow rapidly. Thus, I think frugality still makes sense.