Back in 2010, I shared a remarkable graph comparing the predictions of economists to what actually happened.
Not surprisingly, the two lines don’t exactly overlap, which explains the old joke that economists have correctly predicted nine of the last five recessions.
It’s not that economists are totally useless. It’s just that they don’t do a very good job when they venture into the filed of macroeconomics, as
- WH: Hey, Obama golfing in Key Largo during this crisis is the same as if he were in DC, only warmer Jazz Shaw 4 minutes ago
- Rand Paul working to get David Jolly over the finish line in FL-13 special Jazz Shaw 1 hour ago
- CPAC: Daniel Hannan and the origins of liberty Ed Morrissey 3 hours ago
- Open thread: Sunday morning talking heads Allahpundit 4 hours ago
- Quote of the day Allahpundit 16 hours ago
- Big Labor: ObamaCare is making income inequality worse, you know Erika Johnsen 17 hours ago