It is. It is a point in favor - relative to countries of relevant comparison. Which is relevant since credit ratings and investment advice is always relative.
And why do I think that the original post is relevant to HN - besides being interesting, well argued and factual? Because of this: http://mjg59.dreamwidth.org/28232.html
I don't want to give a point-by-point rebuttal. I just find the whole column facile, argumentative, and not befitting HackerNews. I'd rather not be facile and argumentative in expressing that opinion.
The responses I've been getting here have been arguing or reiterating Krugman's points, not convincing me that it's good content for HackerNews.
Again, there are many other aggregators more suitable for this sort of column.