Krugman vs. Krugman on US debt

The Krugman truth squad has a big job following his stretches of the truth. Now he is at battle against himself. In 2003 he was terrified by a deficit of 3% of GDP. Now he isn't bothered by deficits more than 3 times that size.

So which Krugman are we supposed to believe?

[] Krugman 2003 [deficit at 3% of GDP, 10-year deficit projection $1.8 trillion]: "I'm terrified ... we're looking at a fiscal crisis that will drive interest rates sky-high ... the conclusion is inescapable ... the task is simply impossible ... the fiscal train wreck, is already under way." Or,

[] Krugman 2009 [deficit at 11% of GDP, 10-year deficit projection $9 trillion]: What's to worry? The Ozzie & Harriet era of government finance will be easy enough to bring back. Just stabilize the debt in terms of GDP and be happy!

Scrivener.net: goes into the details