Paul Krugman: The Dwindling Deficit

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The budget deficit isn't our biggest problem, by a long shot. Furthermore, it's a problem that is already, to a large degree, solved. The medium-term budget outlook isn't great, but it's not terrible either -- and the long-term outlook gets much more attention than it should. Neither the current deficit nor projected future spending deserve to be anywhere near the top of our political agenda. It's time to focus on other stuff -- like the still-depressed state of the economy and the still-terrible problem of long-term unemployment.

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At www.nytimes.com

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