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View Diary: Dean Baker: How much unemployment was caused by Reinhart & Rogoff (74 comments)

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  •  A couple of things... (9+ / 0-)

    The R&R paper didn't come out until 2010, but the Austerity fetish was really all the rage.  So it's a chicken and the egg kinda thing.  The cynic in me believes that R&R sold out as academics that 'sold-out' in order to provide 'researched cover' to the theft that is austerity.   If this is the case, then we should be focused on the austerity Nazgûl themselves, rather than their stooges in academia.  It's fun to beat up the sellouts when the are proven wrong - we need to point out who they sold out to and draw the connections.

    Which I believe is the bigger issue.  Why are people pushing austerity so hard?  Is it pure greed?  Is it short-sightedness?  And what about the wealth who know that in order to have growth, you have to have a healthy market of people who can sustain the growth?  Where are they?

    'Where free unions and collective bargaining are forbidden, freedom is lost' - Ronald Reagan, Communist

    by RichM on Fri Apr 26, 2013 at 01:24:13 PM PDT

    •  And it has lasting effects. (2+ / 0-)
      Recommended by:
      RichM, nchristine

      If you can succeed in driving down unwanted costs (referred to by common folk as living wages) then you can drive up profit.  Drive up profit means the rich can get even richer.  And you know, folks just have to learn to live within their means.  Now leave me while I sip my gold infused vodka and laugh at the little people.

      "You have attributed conditions to villainy that simply result from stupidity"

      by newfie on Fri Apr 26, 2013 at 04:19:38 PM PDT

      [ Parent ]

    •  True enough but the underlying facts matter (3+ / 0-)
      Recommended by:
      Klusterpuck, RichM, Roger Fox

      very much if they can be adequately promulgated and come to be accepted as common wisdom. That there are little if any data supporting the notion that a deficit in the neighborhood of 90% of GDP in and of itself inhibits growth is extremely important. Indeed, data show the very opposite to be true in many cases.

      The frog jumped/ into the old pond/ plop! (Basho)

      by Wolf10 on Fri Apr 26, 2013 at 04:53:03 PM PDT

      [ Parent ]

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