Over the course of the last few months, we've seen that austerity measures in Europe aren't working. One would think that they learned their lesson after the worldwide economic depression in the 1930s but they haven't. Neither have conservatives in this country who are so emotionally obsessed with the government spending less money that they really can't see how cuts in spending are harmful. Now we have the proof that not only are they harmful, they are decidedly not beneficial. In short, high public debt does not consistently stifle economic growth.
Thank you, Thomas Herndon!