During the debt limit crisis that enthralled the nation just months ago liberal economists like Paul Krugman and leftists on this board proclaimed that increasing the national debt, which currently stands somewhere around $15 trillion--up $2 trillion since the debt limit was increased--was not only necessary but desperately needed for economic growth and improvement. These people told us that the debt and deficit isn't detrimental at all. "Its politically fashionable to rant against government spending and demand fiscal responsibility. But right now, increased government spending is just what the doctor ordered, and concerns about the budget deficit should be put on hold." Op-Ed Columnist - Let’s Get Fiscal - NYTimes.com If any of this were true then the socialist countries of Europe would be thriving. In reality unregulated deficit spending and debt is devastating the global market. What is happening in Europe is a complete refutation of the left's steadfast faith that increased deficit spending during a time of glacial economic growth is what is needed to grow the economy. Hell, what is happening today in America is a complete refutation of this administration's entire economic agenda.