But critics, such as Valerie Ramey of the University of California at San Diego, think that Guajardo, Leigh, and Pescatori have not completely proven their case. It is possible, Ramey argues, that their results could reflect a different sort of reverse causality if governments are more likely to respond to high public-debt levels with austerity programs when they have reason to believe that economic conditions could make the debt burden especially worrisome.
但包括加州大学圣地亚哥分校经济学教授维拉莉尔·拉梅（Valerie Ramey）在内的批评者则认为上述论证并不完整。拉梅认为上述研究结果可能只是反映了一个不同形式的逆向因果关系，因为政府之所以更可能用紧缩政策来应对高公共负债水平，就是因为它有理由相信经济状况将令债务负担特别令人忧虑。