Economy is Worse Than We Knew; Uncertainty Still Reigns

Tim Kane at the Kauffman Foundation is out with his latest survey of economics bloggers (full disclosure: I am both an adviser to the survey and a participant in it).

In light of today’s abysmal GDP report, the results for one question are particularly relevant:

The latest revisions shows that GDP growth in recent quarters was much lower than previously reported (e.g., only 0.4% in the first quarter versus the prior estimate of 1.9%). So score this one for the 44% of economics bloggers who answered “worse”. (I wrongly answered “same”.)

As always, it’s also fun to look at the word cloud of adjectives the bloggers used to describe the current state of the economy:

Uncertainty still dominates the middle of the nation, but weakness, vulnerability, and fragility have, unfortunately, being gaining territory.

For results from previous surveys, see this earlier post.

About Donald Marron 294 Articles

Donald Marron is an economist in the Washington, DC area. He currently speaks, writes, and consults about economic, budget, and financial issues.

From 2002 to early 2009, he served in various senior positions in the White House and Congress including: * Member of the President’s Council of Economic Advisers (CEA) * Acting Director of the Congressional Budget Office (CBO) * Executive Director of Congress’s Joint Economic Committee (JEC)

Before his government service, Donald had a varied career as a professor, consultant, and entrepreneur. In the mid-1990s, he taught economics and finance at the University of Chicago Graduate School of Business. He then spent about a year-and-a-half managing large antitrust cases (e.g., Pepsi vs. Coke) at Charles River Associates in Washington, DC. After that, he took the plunge into the world of new ventures, serving as Chief Financial Officer of a health care software start-up in Austin, TX. After that fascinating experience, he started his career in public service.

Donald received his Ph.D. in Economics from the Massachusetts Institute of Technology and his B.A. in Mathematics a couple miles down the road at Harvard.

Visit: Donald Marron

1 Comment on Economy is Worse Than We Knew; Uncertainty Still Reigns

  1. the u s economy is basically in freefall, unemployment exploding, inflation, massive dept. it won’t improve anytime soon {if at all}. once small businesses start closing left and right, u know the death spiral has begun

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