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Austerity is destroying Europe and the United States. The economic philosophy of cutting spending during a recession is based on a study conducted by two Harvard economists, Carmen Reinhart and Kenneth Rogoff. Now it turns out they got it completely wrong because of faulty Excel spreadsheets. Bryce Covert covers economics for Thing Progress. Listen to my interview with her, where she explains exactly how wrong fiscal conservatives are and then read more on this from Paul Krugman.