Reinhart Rog OFF
Do any of you think it matters in the least that the oft touted Rogoff Reinhart study was um, err, well, difficient, wrong, faulty with it's data & outcome.
While I don't think it's right to grant license to spend like a drunken sailor/teenager (chose your own profligate) the opposite is also somewhat true.
Reihart Rogoff left out data that blew their paper out of the water and brought to mind the Cheny lie "deficit's don't matter".
Even in Europe today you heard the magic tipping point number touted.
"I'm fully aware of the problems related to high levels of unemployment and low growth in many European countries," he said. "At the same time we have to realize that the debt levels in Europe are around 90% this year, and it is having a drag on growth."
In other words the little peole can struggle for awhile we have a magic number of 90% deficits & worshiping at it's altar hasn't done crap!
I did enjoy a Forbes note that Reihart Rogoff has shown that Modern Greece has been in default through most of it's existence..
Here is a link that might be useful: Whats your take