Most Americans don't believe that the way for Washington to address its gargantuan debt is to increase deficit spending and go deeper into debt. Nobel laureates Joseph Stiglitz and Paul Krugman disagree. Stiglitz, for example, in an interview televised on Feb. 17, denigrated "deficit fetishism" and assured listeners that more "stimulus" spending now would augment American prosperity, both short-term and long-term. There are several major defects in Professor Stiglitz' analysis. 1) Thralldom to the Keynesian macro-economic paradigm. The Stiglitz/Krugman perspective is thoroughly Keynesian. They attribute today's economic sluggishness to insufficient aggregate demand; hence, government must compensate for this deficiency via...