Eli Cook, Haifa University, Israel
After the Great Recession in 2008, Harvard economist Kenneth Rogoff became one of the leading voices calling for budget-slashing austerity. Despite the fact that central banks had pumped billions into banks and capital markets to keep the financial system afloat, when it came to hospitals, schools, welfare programs or infrastructure – Rogoff and many other mainstream economists suddenly were not so generous. Claiming (with what later was discovered to be highly dubious data), that any country with a national debt to GDP ratio above 90 percent essentially destroys its prospects for future economic growth, Rogoff became a central advocate for the kind of neoliberal austerity that decimated welfare states across the globe in the years after the 2008 crisis.[i]
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