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View Diary: Researchers finally replicated Reinhart-Rogoff, and there are serious problems. (124 comments)

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  •  This is (38+ / 0-)

    a Joe Biden would say, A BIG FUCKING DEAL!!!!

    Seriously, this should be front-page forever. Konczal is golden god (he has been skeptical of R-R for a while) and Herndon et al deserve a medal for this debunking.

    Paul Ryan and the Republicans have been telling us for years now that the debt is going to kill us all and the future of our children is hopeless because of high debt/gdp ratios.

    And guess what? All these claims by Republicans and austerity-happy Europeans were essentially based on this shitty study by Reinhart-Rogoff with bunk data!

    Herndon et al got the data and Konczal has put out this great review which really sums up their study.

    But, as Jared Bernstein has just said:

    "What happens next, could, as @mattyglesias suggests, be nothing. It's not like facts are driving this debate"

    This is the key problem here.

    You think the GOP will give a shit that their precious intellectual cover for wreckless anti-spending pro-austerity policies has been debunked?

    No.

    But next time you're debating a debt-fearmonger that claims that 90% is a DANGER ZONE for debt/gdp that will kill growth, you can tell them that study is invalid!.

    This really is important for the community that has been pushing against wreckless austerity and the Republican's rabid blind anti-spending policy advocacy.

    The AEI and Heritage have used this study numerous times!

    Deficits don't matter, jobs do.

    by aguadito on Tue Apr 16, 2013 at 12:11:13 PM PDT

    •  "Excel Error" just doesn't cut it (10+ / 0-)

      What this means is intentional myopia: refusing to look at the big picture - when the big picture is exactly what they presented this as! Are they going to retract their paper? Resign? What about the millions of people who have been subjugated to their "economic theory"?

      Austerity is the new trickle-down: an upperclass wish entirely unfounded in reality.

    •  I look forward to relentless (5+ / 0-)

      questioning about this by "Morning Joe" tomorrow and David Gregory on Sunday morning .

      -- not.  tragically.

      This is a big fucking deal.  

      We will see to what extent the VSP's have departed from rationality.

      The GOP: "You can always go to the Emergency Room."

      by Upper West on Tue Apr 16, 2013 at 02:55:58 PM PDT

      [ Parent ]

    •  This isn't a big deal. (5+ / 0-)
      Recommended by:
      dougymi, eyesoars, greenearth, hestal, golem

      It's not going to change anyone's minds about anything.  The right wing does what it wants and says what it wants to get what it wants.  There is no data-driven changing-of-minds.  The agenda is not and has never been reality based from a greater-good point of view.  So it's a nice thing for us all to say.  It's nice to have one more reminder of how absolutely hollow the right's principles are from a purely technocratic point of view.  But that has been obvious for well over a century.  

      •  How to convince Republicans (1+ / 0-)
        Recommended by:
        Hirodog

        Republicans like big problems broken down into easy to repeat memes.  Think, your family budget bullshit.

        Well, what you tell them is that when "the family buys a house and a car, they end up in debt far greater than GDP (annual salary) and isn't that okay if you are getting something you need for your benefit.  Getting into debt in order to invest in infrastructure and other long term benefits makes sense to both a family and a country despite the initial debt.

        Debt isn't the problem, what we are spending that money could be the problem.

        "I watch Fox News for my comedy, and Comedy Central for my news." - Facebook Group

        by Sychotic1 on Wed Apr 17, 2013 at 07:26:31 AM PDT

        [ Parent ]

        •  There are bigger impressions you could leave. (0+ / 0-)

          You could remind them that your average household isn't a sovereign nation with a nuclear arsenal that could reduce this planet to a nuclear wasteland.

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