The Phaserl


Forget About Reinhard & Rogoff

by Chris Horlacher, Mises:

Ever since a minor spreadsheet error was discovered in a 2010 study evidencing the plainly obvious fact that increased debt loads hinder economic growth, pundits from the left have been gleefully jumping over this molehill pretending it’s a mountain.  Apparently completely forgetting that the conclusion of the paper in question is broadly supported by empirical data the world over, these ideologues now loudly proclaim that the final nail in the coffin of the “austerians” has been placed and that any idea of fiscal responsibility is now dead.

Reinhard and Rogoff Don’t Matter

It’s true, and I can prove it with a simple question: If interest payments consume all available revenue, by what mechanism can an economy grow?

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