Economists Who Missed The $8 Trillion Housing Bubble That Sank The Economy Prefer Spending Cuts To Tax Increases

Foreclosure

Photo: AP

CNBC told its audience that 56 per cent of the economists who responded to a National Association of Business Economists Survey thought that spending cuts were better than tax increases for reducing the deficit.It would have been worth reminding people that almost all of these people were too incompetent to see the $8 trillion housing bubble that crashed and wrecked the economy.

This is an important piece of information since there is no reason to assume that these economists know any more about the economy than they did four years ago.

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