National Debt

john w

john w

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March 1972:

Time-Magazine-1972-Is-The-US-Going-Broke.jpg


Dow Jones Industrial Average close, March 30 1972:940.70


March 2, 2015- Dow closed at 18,288.63.


Bad news sells....There is always bad news out there;it's just different....Broken clock..........
 
J

jgarden

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How a student took on two Harvard economists over their pro-austerity study — and won
April 18, 2013

..... In the world of economic luminaries, it doesn’t get much bigger than Reinhart and Rogoff, whose work has had enormous influence in one of the biggest economic policy debates of the age.

Both have served at the International Monetary Fund. Reinhart was a chief economist at investment bank Bear Stearns in the 1980s, while Rogoff worked at the Federal Reserve, passing through Yale and MIT before landing at Harvard.

Their study, which found economic growth slows dramatically when a government’s debt exceeds 90% of a country’s annual economic output, has been cited by policymakers around the world as justification for slashing spending.

Former U.S. vice presidential candidate Paul Ryan, a Republican congressman from Wisconsin, is one influential politician who has cited the report to justify a budget slashing agenda.

..... Herndon said only 15 of the 20 countries in the report had been used in the average. He also said Reinhart and Rogoff used only one year of data for New Zealand, 1951, when growth was minus 7.6%, significantly skewing the results.

Reinhart and Rogoff have admitted to a “coding error” in the spreadsheet that meant some countries were omitted from their calculations. But the economists denied they selectively omitted data or that they used a questionable methodology.

For Ash, the findings mean the claim that high public debt causes growth to stall no longer holds water.

“Their central thesis has been substantially weakened,” he said.

http://www.nationalpost.com/m/news/...om/2013/04/18/reinhart-rogoff-austerity-study
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National Debt

This study was widely cited by the international community and its conclusions provided the the theoretical foundation for the EU's hard-line approach concerning the austerity measures imposed on Greece and by Paul Ryan to justify cuts in federal spending.

Now its been deternined that the study, itself, was flawed and its conclusions, which had been accepted as a guideline for dealing with national debt, were based on spreadsheet errors.
 
Catholic Crusader

Catholic Crusader

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serpentdove said:
National Debt
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After all the dumb threads you've started you finally struck gold. The debt is what will REALLY destroy America. 20 Trillion is an Armageddon number and its growing. Soon just the interested payment alone will be more than thee entire military budget! That is insane.

This is why we need Trump. For all his faults he knows business and bottom lines and profit. We NEED that!!
 
Catholic Crusader

Catholic Crusader

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Banned
CatholicCrusader said:
After all the dumb threads you've started you finally struck gold. The debt is what will REALLY destroy America. 20 Trillion is an Armageddon number and its growing. Soon just the interested payment alone will be more than thee entire military budget! That is insane.

This is why we need Trump. For all his faults he knows business and bottom lines and profit. We NEED that!!
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serpentdove said:
ad hominem
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I said previous threads were dumb, I did not say you were dumb. Plus I was complimenting this thread.

You just can't please some people. Some folks just WANT to be offended.
 
serpentdove

serpentdove

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CatholicCrusader said:
[After all the dumb threads you've started you finally struck gold...] I said previous threads were dumb, I did not say you were dumb. Plus I was complimenting this thread.

You just can't please some people. Some folks just WANT to be offended.
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I'm not interested in your rebuke or your compliment (Ga 1:10).
 
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