An economic wasteland

Do economists actually have anything of value to contribute to the economic debate? The quotes are from an article from Breitbart
looking at the opinions of the left’s favourite economic advisors. But among all of the quotes, this is truly the most bizarre. Eight years of Obama during which for the first time in history there was not a single year of growth above 3 percent, we find this:

Former Vice Chair of the Federal Reserve Alice Rivlin argued that Trump’s budget is “optimistic.”

“They are very optimistic,” she said. “We haven’t seen 3 percent growth for a long time.”

Yet it never occurs to her she has been massively wrong in all of her judgements. But after Alice, there is then this from Larry Summers:

Apparently, the budget forecasts that U.S. economic growth will rise to 3.0 percent because of the administration’s policies — largely its tax cuts and perhaps also its regulatory policies. Fair enough if you believe in tooth fairies and ludicrous supply-side economics.

I know it hasn’t been tried since the 1980s in the US not since, you know, the Reagan administration, but it did seem to work then. Meanwhile all this Keynesian stimulus stuff has run the American economy, along with everyone else’s, into the ground. Do they ever wonder?

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