Debt Vigilantes Are Depressing

Found this on Krugman's blog: great ammo vs the Forces of Darkness:

http://krugman.blogs.nytimes.com/2010/09/03/paradoxes-of-deleveraging-and-releveraging/

He goes to the Depression and on to the Fabulous Fifties, and graphs the national debt, which turns up dramatically. But then, on the same scale, he graphs the debt/GDP ratio, and finds it falling. He draws the conclusion that a higher national debt, in fact, grows the GDP rather than shrinks it, contrary to the currently reigning dogma.