"…we have a ‘slow economy’ because Washington decided to embrace an Austerity philosophy based..."

“…we have a ‘slow economy’ because Washington decided to embrace an Austerity philosophy based largely on an influential paper based on Kenneth Rogoff and Carmen Reinhart, called “Growth in a Time of Debt”. The findings of this paper have largely been discredited, and have become somewhat of a running joke in economic circles, since the entire premise was based on an Excel error. Another way you can tell the government isn’t like the private sector is that the head accountant of a privately held company would have been fired and/or publicly crucified for making a mistake this big and this basic. By contrast, the GOP nominated the budget guy who embraced and promoted this error to be a candidate for the Vice Presidency.”



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Damion Schubert (via azspot)

Wrongoff and Reinhack

(via pleasedontfront)

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