An Imaginary Budget and Debt Crisis (The NEW YORK TIMES)
Op-Ed Columnist The Fiscal Fizzle An Imaginary Budget and Debt Crisis JULY 20, 2014 Paul Krugman This story is included with an NYT Opinion subscription. For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget wit