Thursday, September 9, 2010

Keynesian Economists Cut Growth Rates, Again

A bunch of trend following Keynesian economists  have cut their projected U.S. economic growth numbers for the rest of this year. This downward revision is now the third month in a row that panel of about 50 economists (All Keynesian trend followers)  polled by Blue Chip Economic Indicators.

The group of economists who really have no business cycle theory  said the weaker outlook for second-half 2010 growth stemmed from lower expectations for consumer spending, business investment and private construction. Which means they are simply following the data up and down without a clue to causes or what might occur next.

"Growth in the current quarter now is expected to be little better than the disappointingly soft advance registered last quarter," the survey said.

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