patrick.net

If everyone doesn't go into massive debt to pay 2X the asking price the economy will be destroyed!

Do you not care about America?

It’s not easy being a mainstream economist. You spend your life building models that become your professional identity. And when those models fail to describe and predict reality, you’re left wondering about the meaning of it all.

You got to be fucking kidding me. In any other field an engineer who had this dismal performance wouldn't be "left wondering about the meaning of it all", but would rather be fired on the spot and made to do a walk of shame in front of all his ex-coworkers carrying his personal stuff in a too-small box.

Also, a 0.1 GDP "growth" is actually a considerable decrease in GDP as the figure does not take into account currency debasement, which is something like 3.5% to 4% today. So the economy is actually shrinking.

Finally, it's interesting that Climate Change is finally being blamed as a contributor -- not sole, but a significant one -- to the bad economy. Finally, it is being recognized that extreme weather does have a negative effect on the economy.

Dan8267 says

It’s not easy being a mainstream economist. You spend your life building models that become your professional identity. And when those models fail to describe and predict reality, you’re left wondering about the meaning of it all.

You got to be fucking kidding me. In any other field an engineer who had this dismal performance wouldn't be "left wondering about the meaning of it all", but would rather be fired on the spot and made to do a walk of shame in front of all his ex-coworkers carrying his personal stuff in a too-small box.

Economics is just a lot of theories that don't always work. Attempting to tell the future with an infinite number of variables is more art then science. If some theory does seem to consistently work, it migrates into "Finance"