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(London.CityRegions.com, June 15, 2013 ) London, UK -- In a paper titled "Growth in a Time of Debt," two Harvard economists, Carmen Reinhart and Kenneth Rogoff explained the concept that high levels of sovereign debt carry disastrous consequences, especially when debt reaches 90 percent of GDP that was promoted throughout the media.
The premise was debunked in April, but members of the GOP continue to support the notion that, while the Reinhart-Rogoff study was inaccurate, high debt still slows economic growth.
Douglas Holtz-Eakin, of the American Action Forum, said that "the simple fact that debt ultimately hinders growth is unchanged," meaning that it's been this way for the history of economics. Editorials in both The Washington Post and The Wall Street Journal both responded negatively to critics of the Reinhart-Rogoff theory by renewing calls for debt reduction in fear of negative economic outcomes.
However, after University of Michigan economist Miles Kimball and undergraduate researcher Yichuan Wang reviewed the GOP-backed concept and concluded that high levels of debt have no link to slow, much less reverse, long term economic growth.
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