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APR 24, 2013 - Business Insider

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On National TV Last Night, The Austerity Movement Became A Laughingstock

It's been a very bad week for the austerity movement. Austerity has been discredited as a path to economic prosperity for awhile. But a real breakthrough came last week, when a paper by a graduate student (UMass Amherst's Thomas Herndon) debunked the famous Reinhart & Rogoff study, which had claimed that growth slows precipitously when a country's debt rises above 90% of GDP. Since then more dominals have tumbled. In Europe, we've seen a backlash against austerity from various names, whether it's the International Monetary Fund criticizing the UK, fund manager Bill Gross doing the ... Read More

Tags: On National TV Last Night, The Austerity Movement Became A Laughingstock,  Paul Ryan Latest News