So....the intellectual justification for austerity no longer exists. Go to:
Why The Reinhart-Rogoff Excel Debacle Could Be Devastating For The Austerity Movement - Business Insider
And if you think the federal government is out of control, take a look at these graphs: (see link here)
From my understanding, this grad student's paper just showed that their data was incorrectly used for a paper. However, logically this does not mean that the opposite of their point is now true. I still feel that too much government debt is a bad thing, and brings a lot of unnecessary risk into America.
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