Joe Scarborough, Paul Krugman and the economist-pundit divide on debt and deficits

A few days ago WonkBlog explained Joe Scarborough, Paul Krugman and the economist-pundit divide on debt and deficits

"There is, in the Washington conversation, a generalized aversion to deficits. It’s an aversion with an almost moral dimension. In fact, sometimes the moral dimension is explicit: Mitt Romney often called deficits a ‘moral crisis.’

But to economists, deficits are simply the difference between revenues and outlays.  A large deficit could be a good thing if it’s going toward a productive investment. A small deficit can be a bad thing if the economy needs more support. So if you’re worried about deficits, you need to say why.

So here’s a guide to why the economics crowd isn’t as nervous about deficits and debt as the Washington punditocracy–and some of the reasons they could turn out to be wrong."

Kevin Drum followed up a little bit (Almost) Nobody Is Serious About the Deficit.