Economic policy wonks are buzzing today over revelations that a celebrated study conducted by a couple of Harvard University academics was fundamentally flawed.
Steve Benen has the story HERE:
Carmen Reinhart and Kenneth Rogoff published a report a few years ago that was music to the ears of Republicans: when a nation’s debt climbs above 90% of the nation’s total economy, it necessarily serves as a drag on economic growth. The Reinhardt/Rogoff study became the intellectual foundation for austerity and a deliberate shift from job creation to debt reduction.
The problem, we now know, is that Reinhart and Rogoff ...