Several days ago, I suggested that the current flurry of national and US state governments concerned about budget deficits and reining back spending was a good idea. Two big-shot economists, Princeton professor Paul Krugman and former IMF chief economist Simon Johnson, disagree.

Krugman recently wrote a Times op-ed stating that while we need to return to balanced budgets, now is not the time. The global economy is not robust enough without government spending supporting it. Just look at the recent market jitters. Johnson points out that the G20 is counting on China to pick up some of the global slack and drive some growth.