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  • keebon keebon Apr 24, 2013 7:39 PM Flag

    Reinhart and Rogoff

    Note the coverage today. The 2010 research by Reinhart and Rogoff, two academics, that has been cited repeatedly by the cut government spending hawks, is fatally flawed. This study claimed that there was a strong corelation between government debt as a percent of GDP and economic growth. Turns out, they made a significant spreadsheet error. (hate it when that happens.) Their analysis suggested that when a country's debt exceeded 90% of its GDP, economic growth turned negative. Turns out they left a number a significant countries out of their analysis. It was left to a grad student at MIT to discover the errors. Now, authors Reinhart and Rogoff have conceded the error and withdrawn their concluisions. Turns out you actually need government. Turns out that all the "balance the budget" cries in congress are based on falacious findings. Will it matter to the right=wing republican #$%$ extremists in congress? I'm not betting on it. Why be bothered by the truth when it doesn't conform to your preconceived political notions?

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