I agree with the worries of Paul Krugman about falling wages and continued slow or negative growth. I'm not so sure that credit is due to Obama, as he says, at the end of his column. How can you give the administration credit when "the risk that America will turn into Japan — that we’ll face years of deflation and stagnation — seems, if anything, to be rising." Holding a depression at bay in the short term may not be worth a decade or more of stagnation.