Paul Krugman is scared. He’s scared that the federal government will stop spending trillions of dollars that it doesn’t have and cause a depression. Leaders from around the world have been tightening their belts and have been wondering why Obama isn’t doing the same. Now, Obama says he’s serious about the debt.
President Obama on controlling the debt:
Somehow people say, why are you doing that, I’m not sure that’s good politics. I’m doing it because I said I was going to do it and I think it’s the right thing to do. People should learn that lesson about me because next year when I start presenting some very difficult choices to the country, I hope some of these folks who are hollering about deficits and debt step-up because I’m calling their bluff. We’ll see how much of that, how much of the political arguments that they’re making right now are real and how much of it was just politics. [emphasis added]