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 54 minutes ago
- GAO to audit Oregon’s failed ObamaCare exchange site Mary Katharine Ham 1 hour ago
- Video: Chris Matthews attempts a do-over during his live show Mary Katharine Ham 2 hours ago
- FL-13 special election: Jolly wins! Erika Johnsen 2 hours ago
- Finally: “Frozen,” the honest trailer Allahpundit 3 hours ago
- Union leaders: Man, this Keystone XL decision just “reeks of politics” Erika Johnsen 4 hours ago