NEW YORK ( TheStreet) -- The ongoing debt crisis raging in Europe, China's doubts about the sustainability of its own economic growth and the fear and volatility riddling the U.S. markets have caused an increasing number of investors, market commentators and economists to don their bear suits and prophesize that, unless drastic steps are taken, the worst may still be upon us.Exactly what the proper next step is, however, remains unclear. Debate regarding the appropriate next action toward solving the current issues facing the global economy has driven many market professionals and government officials into two separate camps: those that call for additional stimulus, and those that call for austerity. While both sides boast their own collection of notable names and followers, a recognizable spokesperson has risen from each. The voice for the stimulus side of the argument is Nobel Prize winning economist and New York Times ( NYT) columnist, Paul Krugman. On the austerity side is notable British economic historian, Niall Ferguson. Fans of Krugman's argument insist that the best way for the U.S. and global economy to pull out of their current struggles is for government to launch another round of Keynesian stimulus. The underlying theory is that this action would aid the current employment situation which, for Krugman and his fans, is a primary element to solving the economic crisis for two reasons. First, taking on the current employment picture is essential because it prevents against a self-perpetuating cycle of higher unemployment in the future. In an interview on CNN, Krugman explains that when citizens stay out of work for longer periods of time, recommendations get stale and experience is lost. This hinders their ability to get back into the work force in the future. Second, the economist believes that low unemployment will lead more consumers to spend. This will help protect against the threat of economic deflation in the future. Krugman appears concerned about the long-term fiscal strain that comes with pumping additional stimulus into the economy. However, he feels that taking on the current issues facing the economy is essential to ensuring that these future economic struggles can be resolved.