More Thoughts On Austerity

I had written a while back that the predictions of the austerity crowd (that if governments cut spending then economies will improve) are just not coming true.

After it was discovered that Reinhart and Rogoff lied in their influential paper, it seems like a lot of the wind has been taken out of the sails of the austerity movement. And yes, they flat-out lied. Or they are incompetent. As a commenter on The Big Picture pointed out, they left out a lot of countries whose data would have contradicted their thesis. One of them is Canada, one of the largest economies. They had their conclusion, then they looked for evidence. That seems like the usual MO for conservatives.

R&R at one point wrote an op-ed saying that their paper should not be used for political arguments. They wrote this after they and their movement were exposed. If you can find evidence they were telling Paul Ryan and conservatives to not use their paper to score political points, let me know. I guess IOKIYAR.

I recently saw an article on Seeking Alpha which said that the debunking of R & R is a factor in Germany moving away from austerity, and Germany announced it is backing off from pure austerity and is now planning to spend billions of euros to stimulate the economies of Europe. The article described this move as “underreported”. I would agree with that part. Is this another example of the media’s right-wing bias?
The Agony of Austerity: the Spanish Results

Rogoff & Reinhart answering my call in FT – Austerity is not the only answer to a debt problem

Self-Defeating Austerity Shocks

There’s Even Bigger Problems in the Reinhart & Rogoff Thinking….

The Layman’s Case Against Austerity

It’s all been for nothing – that is, if we ignore the millions of jobs lost etc

Austerity: the greatest bait-and-switch in history

Reply to Reinhart and Rogoff’s NYT Response to Critics

Image from Wikipedia, assumed allowed under Fair Use.


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