The Reinhart-Rogoff study proclaims that high debt causes slow growth (so austerity is the answer). However, the study has been recently debunked as its conclusion was reached by the use of fuzzy math.
Simple math errors or ideology? The Reinhart-Rogoff study was funded by Pete Peterson, a billionaire who stands to make more billions if our social safety net is privatized. Mr. Rogoff is a member of the Board of the Peterson Institute, and Ms. Reinhart attends Peterson Institute functions along with such regulars as Paul Ryan and Alan Simpson.
Austerity is manufactured hysteria to make us believe that government spending is the problem, when in fact it’s low tax revenue. The Peterson/Reinhart/Rogoff fix was in to convince us to think otherwise.
I await Mr. Alger’s rant.
JAMES E. LONGHOFER