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The austerity scandal that has gone unpunished


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2014 May 5, 6:27am   973 views  5 comments

by tovarichpeter   ➕follow (6)   💰tip   ignore  

http://america.aljazeera.com/opinions/2014/5/austerity-economicsreinhartrogoffdebtgdpratio.html

It has been a bit more than a year since the Excel spreadsheet error that shook the world. For those who may have missed it, in April of 2013, Thomas Herndon, a University of Massachusetts graduate student in economics, found an error in the calculations of Harvard professors Carmen Reinhart and Ken Rogoff on the relationship between government debt and economic growth. Reinhart and Rogoff had done an enormously influential analysis showing that countries experienced sharply slower growth once their debt-to-GDP ratio exceeded 90 percent. With the United States and many European countries reaching debt-to-GDP ratios in this 90 percent...

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1   MisdemeanorRebel   2014 May 5, 6:41am  

Great Piece.

2   Heraclitusstudent   2014 May 5, 7:44am  

OMG Austerity!
This has become the target of both those who don't want any reasonable limits on gov spending (Don't cut my program!), and those who want the government to print money back their risks and pump up their assets.
It's hard to tell if there is actually a difference between these 2 groups.

3   mell   2014 May 5, 7:49am  

Heraclitusstudent says

OMG Austerity!

This has become the target of both those who don't want any reasonable limits on gov spending (Don't cut my program!), and those who want the government to print money back their risks and pump up their assets.

It's hard to tell if there is actually a difference between these 2 groups.

Yep.

4   smaulgld   2014 May 5, 7:58am  

With a budget deficit of $17 trillion its hard to say the US is anywhere near an austerity budget

5   HydroCabron   2014 May 5, 8:06am  

smaulgld says

With a budget deficit of $17 trillion

Source?

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