Tag Archives: depression

Economists. What do they really do?

So what do economists do all day anyway?

They failed to save the world from the credit crunch and subsequent global economic meltdown, and now that there are supposedly some green shoots of recovery springing up, they tease us with hope. The news today is that the latest GDP figures show we have slumped even further into recession, so much so that this is now the worst economic downturn in Britain since the Second World War.

But, look back at the news yesterday. Everyone predicted that the latest numbers would show we are leaving the recession behind. Growth would be weak, but it would be a start on the track.

How can they just keep on getting it so wrong?