Krugman: Bush's Deficit Bad, Obama's Deficit Good

Krugman: Bush's Deficit Bad, Obama's Deficit Good

Left-wing economist, Nobel laureate and New York Times columnist Paul Krugman hates deficits in tough economic times -- when the president of the United States is named George W. Bush.

Krugman, in a November 2004 interview, criticized the "enormous" Bush deficit. "We have a world-class budget deficit," he said, "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."

The numbers? The deficit in fiscal year 2004 -- $413 billion, 3.5 percent...