On Tuesday’s Colbert Report on Comedy Central, Stephen Colbert responded to news that the primary academic study used to justify austerity is flawed. The result was a complete humiliation of the study’s authors — Carmen Reinhart and Kenneth Rogoff — and the politicians like Paul Ryan (R-WI) who have used the paper to justify brutal cuts.

“It was one of those cultural moments,” said Business Insider‘s Joe Weisenthal. “Suddenly one side just looks like fools in the national media.”

Colbert then brought on the graduate student who debunked the study as homework.

Colbert has a talent for shattering pretense and exposing b*llshit.

The quintessential example of this was his speech at the 2006 White House Correspondents’ Dinner, where he destroyed both the Bush administration’s arrogant incompetence and the press’ willingness to serve that government’s agenda.