PROFESSOR PAUL KRUGMAN, PRINCETON ECONOMIST: Well, basically we have a world-class budget deficit not just as in absolute terms of course - it's the biggest budget deficit in the history of the world - but it's a budget deficit that as a share of GDP is right up there. It's comparable to the worst we've ever seen in this country. It's biggest than Argentina in 2001. Which is not cyclical, there's only a little bit that's because the economy is depressed. 11/03/2004 Lateline - 11/03/2004: Krugman calls on Bush to reign in the red The turn to budget deficits was a direct result of the new, Irving-Kristol inspired political strategy of pushing tax cuts without worrying about the “accounting deficiencies of government.” September 30, 2009, Moral decay? Or deregulation? - NYTimes.com Wrong Way Krugman, off in the Trillions Column but, like Gore, Yasser Arafat and Obama, he has a Noble Prize.