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Recommend "James Galbraith" - Economic Hubris - Fixing the economy: We got it wrong (Email)

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By Prof. James K. Galbraith

Global Research, August 15, 2011

http://globalresearch.ca/index.php?context=va&aid=26033

In early January 2009 two White House-bound economists — Christina Romer and Jared Bernstein — predicted that if the stimulus bill were passed, unemployment would peak at 8% by midyear and then start coming down. If there were no stimulus, they said, joblessness might hit 9% and not peak until 2010.

Romer and Bernstein had the risky job of hyping policy, but they weren't alone in their optimistic views. Forecasters at the Congressional Budget Office, the Federal Reserve and most private banks all thought that the economy had a natural tendency to right itself, sooner or later. What it needed, the activists urged, was a push.

Well it's now obvious that the push didn't do the job. Even with it, unemployment is higher than the Romer-Bernstein worst case. The optimistic forecasts now look embarrassing, ranking right up there alongside Irving Fisher's 1929 comment that stocks had reached "a permanently high plateau."


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