these are the reinharts, dr. carmen reinhart and dr. vincent reinhart. and this is what they concluded following severe financial crises. they found that economic recoveries are shallower and take much longer. here what they said in their analysis. "real per capita g.d.p. growth rates are significantly lower during the decade following severe financial crises. in the ten-year window following severe financial crises, unemployment rates are significantly higher than in the decade that preceded the crisis. the decade of relative prosperity prior to the fall was importantly fueled by an expansion in credit and rising leverage that spans about ten years. it is followed by a lengthy period of retrenchment that most often only begins after the crisis and lasts almost as long as the credit surge." madam president, what they are reporting to us, after looking at long period of economic history and dozens of countries, that after a financial crisis, recovery takes much longer than is typical from a standard recession. madam president, we now have a bill that is s

this is very dangerous territory, according to economist car men reinhart and kenneth rogoff, public debt burdens above 90% of g.d.p. are associated with 1% lower economic growth. i ask unanimous consent that a short article outlining their thesis be included in the record at this point. the presiding officer: without objection. mr. hatch: i thank the chair. one might quibble with the particulars of reinhart's and rogoff's assessment, failure to take it seriously given the recent struggles of the euro zone amounts to whistling past the graveyard. to be clear the long-term source of our fiscal problem is overspending not a lack of revenue. our friends at the heritage foundation have done an excellent job of putting all this spending into historical perspective. i would like to run through some charts highlighting how unusual and unsustainable recent levels of federal spending have become. any way you cut it, spending is up. federal spending for household is skyrocketing even with the $2.1 trillion in deficit reduction achieved by this summer's budget control act. there you go. inflati

there's a recent study done by respected economists carmen reinhart and kenneth rogoff show 90% of the economy will reduce a country's economic growth by one or two percentage points. our gross debt right now is 100% of our economy. 1% to 2% is significant growth this year is likely to be closer to 2% total. pretty weak growth. 1% to 2% growth would be 100% more growth in this country. if we didn't have these debts building up to a record debt of over $15 trillion. it's unacceptable that we have the economic growth we do because it's keeping people from achieving the opportunities that they seek at a time when there are 22 million americans who are unemployed or underemployed we need to do everything we can to get give -- give the economy a shot in the arm. we should not be condemning people to chronic unemployment through inaction here in washington. when lawmakers want to do the right political thing it seems the budget rules creates a bias for spending and deficits. when i left the post as director of the office of management and budget in the last presidential administration -- tha