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
- Quotes of the day Allahpundit 5 hours ago
- Obama: The world’s always been messy, but now social media is amplifying it Mary Katharine Ham 6 hours ago
- Video: Hot Air exclusive interview with Gov. Rick Perry Ed Morrissey 7 hours ago
- “Walking Dead” grumble thread: Hey, maybe Daryl’s gay Allahpundit 7 hours ago
- Report: ISIS eyeing Mexican border to infiltrate America and execute terrorist attacks Noah Rothman 8 hours ago
- Should Kirsten Gillibrand name the senator who told her “I like my girls chubby”? Allahpundit 9 hours ago