Brian Wesbury Shows Us How To Succeed As An Economist

Paul Krugman was criticized by a prominent economist for making bad predictions. Brain Wesbury's criticism of Krugman was a variation on the theme that budget deficits did not help Greece, therefore, they are not good for the US in recession. One of the commentators provided an overview of the predictions made by Wesbury, who provides a good model for those who want to succeed with minimum effort.

• 
  former trader
• USA

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Brian Wesbury's ideology may interfere with his forecasting. From his "The New Era of Wealth: How Investors Can Profit from the 5 Economic Trends Shaping the Future," published in October 1999:

"Bubbles appear only in retrospect and they are often used to shift blame from bad government policy on to 'irrational investors.'"
"It is hard to imagine support for more intrusive regulation of the financial markets."

He also provides investment tips (many more athttp://www.amazon.com/gp/reader/0071351809/ref=sib_dp_pt#reader-link ):

"There is a reason that high-tech stock prices have risen to such high levels and it is not irrational exuberance."
"While 20+% gains each year should not be expected, gains averaging near 7-10% per year are a very real possibility. This could push the Dow to 35,000 by 2012 and 60,000 by 2020."

He applauded the 2003 Bush tax cuts:
"This is the most pro-growth tax cut we've seen since 1981."

But why should he ever admit having been wrong when:

He was Chief Economist for the Joint Economic Committee of Congress in 1995 and 1996.
The Wall Street Journal named him the "best economic forecaster" for 2001.
McGraw Hill published a paperback version of "New Era" in 2002.
Northwestern's business school has described him as an "economic guru" and a "fortune teller."
He's been on the Chicago Fed's Academic Advisory Council since 1999.
He's a fellow at a Presidential Center (guess whose).
He's still gainfully employed offering investment advice.