Paul Krugman has a short but important post today on his blog that focuses on the national debt and the plans put forth by the candidates, including President Obama.
What does he find? Obama's plan is the best for future Debt-to-GDP levels. This is a crucial point going further. Yes the deficit is large, but it is more important to have a growing economy that outpaces debt issuance. The focus of government should be restoring Aggregate Demand and not on its own balance sheet.
http://krugman.blogs.nytimes.com/2012/02/28/four-fiscal-phonies/?smid=tw-NytimesKrugman&seid=auto
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