Along with Paul Krugman, Stephen Colbert and his writers are among the best analysts of current affairs working today. Here, the brilliant Mr. Colbert discusses a recent discovery: the principal academic evidence for cutting government spending during a serious economic downturn is baloney, and not the nourishing kind. The Harvard professors who issued the study didn’t share their data with other economists, ignored data that didn’t fit their hypothesis and made a crucial Excel coding error.
The mind reels. And workers and families worldwide suffer.
(For some reason, I couldn’t get the video to embed, so you’ll probably have to put up with a brief commercial.)
Paul Krugman discusses the same issue with fewer laughs: