The economic discipline’s all in a buzz over the recent debunking of the Reinhardt/Rogoff study and with good reason. The study’s conclusions form the entire foundation for Conservative austerity and recessional spending (more appropriately, the lack thereof). Shall we not forget the “serious” budgetier Paul Ryan’s insistence of fiscal crisis proven without doubt by this very study? This is the study which legitimized the illegitimate Conservative narrative, which in turn legitimized Ryan’s illegitimate budget priorities. Romney made said narrative and this study the cornerstone of his campaign. Together, along with the Conservative propaganda-sphere they justified their position by setting up a contrasting dichotomy. Remember how it looked? They instantiated an equivocating notion of “other credible economists” who supported their wrongful approach with reliable data. The “other” being Reinhardt and Rogoff. That narrative? We don’t have a revenue problem; we have a spending problem. Now we know. The data is so seriously flawed it would be laughable were not the policy damage it caused so severe, protracted, and widespread. The truth, the reality: We have a revenue problem. A revenue crisis. Not a spending crisis. Hopefully this basic truth will reach Washington DC and the compromisers will shift their focus toward empirical reality and responsible budget planning. If Democrats agree to cut spending for the sake of compromise at this point, well… they would be as unfit to govern as their opponents.