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Politics : View from the Center and Left
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To: greenspirit who wrote (105610)3/6/2009 10:17:55 PM
From: Sam  Read Replies (2) of 540831
 
Michael, I haven't seen the Obama administration claim that "virtually all economists support their approach to spending."

I also find it odd to quote Summers in this context, since he is one of the architects of the plan. Did he make a plan that he disagrees with in important ways? Or perhaps the way the plan is being represented by some of its critics is not accurate?

I saw the CBO report. The CBO has made many forecasts in the past, as has OMB. They have been wildly wrong at different times. Forecasts for one year out are difficult at best, and if they are right, I suspect it is chance--try to duplicate correct forecasts for two or three years in a row. Forecasts for 10 years out are absurd. They are utterly unreliable. From any human being. Including [gasp] economists. Just look at Art Laffer's forecasts in the past. Or Alan Greenspan's. Or recall those forecasts of a year ago for $200/barrel oil. Just to take a couple of examples.
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