I have been puzzled by the extent of the media coverage of some crank’s prediction that the world would come to an end today. People are always predicting the end of the world. So far they have always been wrong. Was there something about this particular prediction that was newsworthy? Did any significant number of people expect to wake up this morning and see graves opening and people ascending into Heaven? This morning, there were news stories to the effect that the world still exists. Really! Did reporters expect their readers to be surprised? Why, in short, was this silliness a major media event?
I wish reporters would pay as much attention to a more important failed prediction: the Obama administration’s assurance that its policies, including the “stimulus,” would foster job creation and prevent unemployment from reaching 8 percent. We have reproduced this graphic before:
This chart, from USA Today, updates the documentation of the administration’s failure. It shows the change in the total number of jobs from the start of each recession since World War II to 22 months after the recession officially ended, which is where we are now. Job creation in the current recovery is by far–no comparison–the worst in history:
Read the rest at Power Line – Repent! The End of Keynesian Economics Is At Hand!.
- New Keynesian Misconceptions (Wonkish and Trivial) (krugman.blogs.nytimes.com)
- Bernanke’s Soft-Core Keynesianism Is Even Worse than the Nonsensical Analysis of Hard-Core Keynesians (cato-at-liberty.org)
- Bernanke’s Economic Time Bomb (americanthinker.com)