Found via the Club for Growth, economist Brian Wesbury appears to have been one of the only economists who correctly predicted (and twice at that) that the U.S. economy was not in recession. Indeed, these days it seems few actually know the definition of recession.
The latest data shows that during the 2nd economic quarter (Apr-June) the economy grew at 3.3%, which is an inconvenient truth for Democrats and their media cohorts wishing to talk down the economy in advance of the November election. (By the way, the figure was revised from its initial estimate of 1.9%, which while not as good as 3.3% is nonetheless not “negative growth” and thus not meeting the definition of 2-3 straight quarters of negative growth — i.e., even before the revision the data proved there is no recession.)
This revised figure has defied the “experts,” except those like Wesbury, who waaaaaay back in January predicted that the economy would rebound by Spring. Wesbury gave further analysis this week.
But it’s his comments from January, which include the following, that are noteworthy:
- It is hard to imagine any time in history when such rampant pessimism about the economy has existed with so little evidence of serious trouble.
- …the over-reaction to very spotty negative news is astounding.
- The biggest threat to the economy is still inflation, not recession.
Amazing… the guy was spot on — the economy is growing but the biggest problem is inflation and a 1970s era government overreaction that will do us more harm than good.