It's certainly true that perpetual deficits are a problem, but I think what's left of the left has allowed itself to be suckered too much into the right's claim, which is that even short-term deficits are a disaster (except when run by them, of course). The left-Keynesian position is that we need a New New Deal, and that some deficits up front are probably right and good. If you are too quick to deficit panic, you rule out even talking like that. wasn't that the genius of that douche-bag Clinton? By using budget balance to club down his own purported constituency, he sent capital a clear signal that he'd cleansed the DP of all danger.