Well, I'm all in favor of concern about the debt, because I'd rather have a lower debt than a larger. (I rather suspect that, as a matter of policy, the New York Times would not agree with me on the proper means for lowering the debt, but we'll leave that aside for the moment.)
So, what exactly is Ferguson's take?
Since becoming president, George Bush has presided over one of the steepest peacetime rises ever in the federal debt. The gross federal debt now exceeds $8.3 trillion. There are three reasons for the post-2000 increase: reduced revenue during the 2001 recession, generous tax cuts for higher income groups and increased expenditures not only on warfare abroad but also on welfare at home. And if projections from the Congressional Budget Office turn out to be correct, we are just a decade away from a $12.8 trillion debt — more than double what it was when Bush took office. [emphasis mine]To paraphrase Douglas Adams, "this is obviously some strange usage of the word peacetime that I wasn't previously aware of." Even if you want to describe the 1990s as "peacetime" despite the fact that we had troops active in Iraq (and Somalia and Bosnia), it is difficult to comprehend how someone could describe the period since 9/11 as "peacetime." After the United States was clearly attacked, we have responded militarily, removing the governments of two different nations in the past 5 years, with all of the military costs that those operations have required. There's no legitimate usage of the word "peacetime" in that context. The only reason that you would use that word is to make a false comparison that makes the Bush administration's performance look worse than it has been.
How unusual to see something like that in the New York Times...