In the last few years, no one person has embodied the cause to end austerity as much as Paul Krugman. The Nobel Prize-winning economist is a professor at Princeton University, a columnist for the New York Times, and author of the new book "End This Depression Now!"
In the above clip from "Fareed Zakaria GPS," Krugman weighs in on the economic plans of President Obama and Mitt Romney. One, he says, is talking economic sense while the other one is talking "utter nonsense."
Below, in Web-exclusive clips, Krugman explains his argument against austerity.
"Trying to be austere right now is self-destructive, even in purely fiscal terms, because it shrinks the economy now, it shrinks the economy in the future," he tells Zakaria.
Krugman also described how he would handle the long-term deficit in the United States.
"What we actually need is a smaller trade deficit ... which would mean that we have to export more and import less," he said.