Remember, the U.S. doesn't have to pay off all its debt, and there's an easy way to stabilize it, Nobel laureate Paul Krugman says.

The article discusses economist Paul Krugman's perspective on the current state of U.S. national debt, which has reached $34 trillion. Krugman argues that while this figure is alarming, it is not unprecedented when viewed as a percentage of GDP, especially compared to historical debt levels post-World War II. He emphasizes that the focus should be on stabilizing debt relative to GDP rather than eliminating it entirely, suggesting that modest tax increases or spending cuts could achieve this goal. Krugman attributes the challenges in addressing debt to political dysfunction rather than economic necessity, highlighting concerns raised by various financial leaders regarding the implications of U.S. debt on future economic stability. [Extracted from the article]