"The real mystery, however, was why Reinhart-Rogoff was ever taken seriously, let alone canonized, in the first place. Right from the beginning, critics raised strong concerns about the paperís methodology and conclusions, concerns that should have been enough to give everyone pause. Moreover, Reinhart-Rogoff was actually the second example of a paper seized on as decisive evidence in favor of austerity economics, only to fall apart on careful scrutiny."

Austerity is a conservative sham just like its evil sham step-brother, supply-side economics: an absurd plan cooked up not by economists but, rather, a journalist named Jude Wanniski.

How the Case for Austerity Has Crumbled

JUNE 6, 2013

Paul Krugman