Two weeks ago, a grad student at UMass Amherst discovered a spreadsheet error in the Reinhart-Rogoff (R-R) paper, a paper that many austerity advocates cited as proof that too much debt cripples economic growth. In the days and weeks after the spreadsheet error fiasco, many were quick to draw significant implications from this event, calling … Continue reading
Tag Archives: Reinhart-Rogoff
Vicious circles and the national debt
By Will Portman Due to vicious circle effects, it becomes more and more expensive to pay off the national debt the more and more debt we accumulate, beyond the obvious fact that it’s a greater burden to pay back a greater sum of money. With each new dollar of deficit spending, we’re not merely digging … Continue reading