70s when the studebaker auto company went bankrupt. the federal government said, gee, we better insure these. we ve done pretty well over the last 40 years over the rules on this. this thing they re talking about doing now, we did it in the 2012 highway bill. we let corporations underfund their 2014. this is extending the period through 2017 in order to pick up more revenue. it s just the most perfect little window into, like, what it takes to get, like, the basic mechanisms of any kind of governance happening in washington. there s this idea that, like, everything has to be paid for. there s a sort of austerity mania. the way we deal with it in theory, we don t want to raise taxes is essentially gimmickry. the thing is everybody in congress knows this is a fake pay for. john boehner s justification for why republicans wouldn t support a which they slammed as a fake pay for. he was right. it was a fake pay for. now that he has a thing he wants msnbc contributor, josh
willing to call this anything like prosperity. i have to ask you about this because this is the spat between two celebrity economists. ken rogoff and carmen rinehart which countries start growing much, much more slowly. they wrote a letter back because you criticized them for feeding this austerity mania which caused governments to slash spending and they say you have engaged in spectacularly uncivil behavior in the past weeks and you attacked us in very personal terms, virtually nonstop. you have doubled down, your characterization of our work to selection a is selective and shallow. it is deeply misleading. what does it feel like? it s very unpleasant.
ken rogoff and carmen rinehart which countries start growing much, much more slowly. they wrote a letter back because you criticized them for feeding this austerity mania which caused governments to slash spending and they say you have engaged in spectacularly uncivil behavior in the past weeks and you attacked us in very personal terms, virtually nonstop. you have doubled down, your characterization of our work to is selective and shallow. it is deeply misleading. you were graduate students in m.i.t. together. almost everybody you heard of. it is a village. it is kind of scary. it s very unpleasant. ken is a magnificent economist. does fabulous work over the years. one paper that was thrown out hastily, unfortunately, is the one that has had the greatest impact on policy debate.