Revenue Sources and Public Debt

Dr. Krugman discuss revenue here. I couldn't agree more except for the idea that we are in some kind of dyer situation.  I have always disagreed with Dr. Krugman because I believe that it leads to the panic of government debt. At times, we know it is not time to panic with the level of government debt, specifically U.S. debt.  This is one of those times.  It is almost always one of those times.  Of course, we should reduce the debt when it we have an economy that is in expansion. If the panic alarm is sounded, ever, then others will call on such in the future when they are looking to eliminate the human social contract because they are making the tough calls.