From an Instapundit link:
Obama is not Reagan
A quick little piece that explains the Reagan recession so that even Krugman can understand the economics of his policy. Additional the author recognizes the role of a President in the private economy. Deficits are not part of that economy. If they are small and controlled they effect it very little, but when they are huge and out of control they can put undue pressure on the private sector. Kind of like a kid's piggy bank being safe until mommy and daddy get drunk and piss off all their money.