Apparently the unemployment rate has breeched 10 percent. So it's probably not the time to be suggesting things like this:
"The government is going to have to get serious about reducing our debt levels."
That was President Obama the other day. The issue here is unemployment and the deficit can wait. What's needed now is more spending -- not less -- in order to drive job creation.
In 1937, Roosevelt focused on reducing the deficit and it stopped the economic recovery in its tracks. Fortunately, economic advisor Christina Romer knows and, as Krugman writes, hopefully she's being listened to.