The New York Times' Martin Fackler and Steve Lohr write that Japan's experience in responding to a financial crisis is that you need to restore economic growth before you worry about deficits.
Japan failed to restore growth. The result has been two decades of stagnation.
This is a cautionary tale for U.S. policy makers from both parties who have all but abandoned any attempt to jump start the economy.
I blogged about this in response to a Milwaukee Journal Sentinel op ed piece almost two years ago.
The entire NYT's article is linked.