Joe Weisenthal writes for Business Insider: “It’s been a very bad week for the austerity movement. Austerity has been discredited as a path to economic prosperity for awhile. But a real breakthrough came last week, when a paper written by a graduate student (UMass Amherst’s Thomas Herndon) debunked the famous Reinhart & Rogoff study, which had claimed that growth slows precipitously when a country’s debt rises above 90% of GDP.”