The introduction to the piece Rob Johnson Hunts for the Budget “Moby Dick” on Newdeal2.0 (which contains the above video) is:

So you’re concerned about the debt-to-GDP ratio? Then listen to Rob Johnson, who separates the real white whales to harpoon from the harmless minnows. A new paper he co-authored with Tom Ferguson points out that austerity and stagnation most threaten our fiscal future. The American people are angry, and “there is a lot of valid rage in our society,” Rob says. But “fears of magic thresholds like a 90% debt-to-GDP ratio or mythologies that have to do with the painlessness of cutting deficits are playing on those fears, but they’re not sending things in a proper direction.”