China's Lesson: Spending Binges of Little Use

On Friday, Paul Krugman once again made the case to the Obama administration for more stimulus, calling for $300 billion a year in additional spending “until the economy is back on its feet.” And the resulting debt? “This is not an urgent crisis,” he assured CNN’s Erin Burnett. “Yeah, give me an economic recovery, I’ll become a fiscal hawk, but not now.”