Colbert Satirizes Unsupported Evidence that Supports Austerity

In the most recent Colbert Report, there is a funny segment about the central role that the idea of austerity has played in contemporary politics and fiscally conservative economic policy, as we discussed in class. It takes a look at the methodological errors that haunt Reinhart and Rogoff's study, "Growth in a Time of Debt" followed by an interview with Eric Herndon (University of Massachusetts) who unearthed the skewed spreadsheet data that has largely informed our understanding of the relationship between sovereign debt and GDP growth. Watch it!