The entire argument for the GOP "Path to Prosperity" Austerity Budget is based on a paper by economists Reinhart and Rogoff which says that governments that carry a debt greater than 90% of GDP experience negative growth.
But a paper, released by a grad student at UMass, shows that Reinhart Rogoff's conclusion is based on an excel spreadsheet error. When the error is corrected, it actually shows that governments that carry a debt greater than 90% of GDP experience decent levels of growth.
Now, does someone want to tell me why it is that House GOP members keeps arguing that we don't have enough money for massive infrastructure projects, Pell Grants and Stafford Loans, education investments, or any of the other pro-growth policies that have pulled America out of hard financial times before? We need bold ideas, not budget cuts.