In response to:

Don’t Trust Economists, Part II

hpettyjohn Wrote: Jan 28, 2013 12:16 PM
If I am not mistaken, the president and congress has failed at balancing a budget, controlling their spending, or earning their pay. Seems nothing can be proposed without adding on payment to someone who supported the campaign of the ones writing and their friends. Senator Coburn (R) OK has been consulting with a civilian group (he is not only an MD, but an Accoutant) who he would like to see go to work on our nations financial status. So, to defuse this debt bomb he thinks we need to call out the experts; Mercatus Center at George Mason University, a rare source of common sense and economic reality. If any of you want to contribute to help them along send it to Sen Coburn c/o Mercatus Center in Arlington, VA.

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

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