Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.
