In a WSJ survey, economists gave the President a rating of 59 out of 100, signalling broad dissatisfaction with his handling of the economic crisis. That seems pretty predictable, given that they’re probably of the typical, WSJ supply-side school, and Obama’s recovery ideas aren’t anywhere to be found in their playbook.
Of course, the WSJ survey of economists should itself be viewed with suspicion given that they’ve consistently been behind the curve on the crisis. Here’s what they say about their track record and outlook:
The economists, many of whom have been continually surprised by the depth of the downturn, also pushed back yet again their forecasts for when a recovery would begin. On average, they expect the downturn to end in October. Last month, they said the bottom would arrive in August. They estimate that U.S. gross domestic product will continue to contract in the first half of this year, with slow growth returning in the third quarter.
“Continually surprised,” eh? That seems like a nice way of putting it. Let’s hope that all of the sudden they’ve found the ability to forecast and that growth will return in just four months from now.
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