Paul Krugman: Our selective deficit hysteria has done significant harm

So the federal budget deficit just hit $1 trillion (actually $984 billion, but close enough). That’s about $300 billion more than the Congressional Budget Office was projecting in the summer of 2017, before the Trump tax cut was enacted. And basically everybody yawned.Were there fiery speeches in Congress, denouncing fiscal irresponsibility? No. Was there intense media coverage? No — the story was tucked deep inside major newspapers. Was there severe market reaction? No — inter