Krugman simply has no credibility. He argues both sides of the argument - FOR Obama’s spending and FOR conservatives’ desire to cut spending and reduce the size of our bloated government.
What Krugman does is support BOTH sides of the argument so that he will be right at least 50% of the time.
A major tax hike on the upper middle class will hit the Laffer curve limit—baby boomers who are comfortable will be able to retire a few years earlier than they might have planned.
Let’s see Krugman crunch those numbers.
Either that or he supports the typical Keynesian solution of increased government spending during recessions and more austerity during boom times.