What is the correct approach: belt tightening or more spending?

Ateneo Professor on Entrepreneurship

From Newsmax by Audrey Hudson | May 28, 2013

There are some news that a group of Harvard scholars and writer Paul Krugman are at odds, at personal level on their position on the debt level issue.   The Harvard scholars suggest cut in spending (which is the prudent thing to do; and which IMF continues to prescribe for countries in debt).   Fasting after over indulgence.

However Krugman prescribes continued spending for the economy to grow (as what Bernanke and other economists prescribe)  Many liken this to an ICU treatment:  you feed give IV treatment medicine to a sick man.

Which side are you on?  Is the country that over indulged in debt due for liposuction?

Or is not breathing or lacks blood in an ICU?