A team of economists at the Political Economy Research Institute (PERI) at UMass Amherst broke a huge story this week that was promptly picked up by the New York Times, the Washington Post, the Financial Times, and newspapers around the globe. The economists proved that the essential underpinning "of the intellectual edifice of austerity economics," as Paul Krugman put it, is based on sloppy methodology and spreadsheet coding errors.

In 2010, Governor Scott Walker ran for office on a simple message, that he would turn Wisconsin's economy around and create 250,000 jobs. There was good news for Walker in the Bureau of Labor Statistics jobs numbers released April 2013. Although Wisconsin still ranked 44th in the country in terms of job creation, the staggering economy had created 64,500 more jobs since Walker took office than previously known. There was a large upward correction in the BLS jobs data stretching back more than a year that not only impacted Wisconsin, but many states.