Following on the heels of the 2008 global financial crisis and the associated spike in government borrowing in Europe and the United States, the Reinhart-Rogoff paper quickly became a touchstone for the small-government crowd. Austerity is the order of the day. Reinhart and Rogoff are its prophets.
As the economic news in the United States gets worse and worse every week, a lot of Americans are saying “at least we’re not Europe.” To read the press accounts, it sounds like Greece is plunging Europe into a second Great Depression. Greece is having trouble paying its debts, and many people are worried that […]
The United States once taxed the nation’s wealthiest at substantially higher rates than today. In those high tax years, this new Tax Day report from the Institute for Policy Studies documents, Americans prospered. And the federal government never went begging.