Now Mitt Romney and Jay Leno Are Smarter than Most Economists

Economics Profession, This is Starting to Get Embarrassing

Some time ago The Dismal Political Economist argued that one of the many problems with the economics profession is that it had too narrow a definition of a recession, and that to call the recession over in mid 2009 was to engage in a losing fight with reality.  Not only was this known by the millions of Americans still suffering from the lack of employment and growth in the economy, it was even known by comedians like Jay Leno.

Jay Leno Is Smarter than Most Economists

Disturbing Trend for Once Prestigious Discipline

From Political Irony we have this quip from Jay Leno

“According to the Wall Street Journal, economic experts now fear there may be a second recession. A second recession? When did the first one end?

Economists, either go back to the ivory tower and or get this right.  When Jay Leno and Mitt Romney know more about economics than you do, the profession is in serious trouble.  

Now it turns out the even Mitt Romney knows that the recession is still with us, despite the “official” end of the recession two years ago.

“The technical term of the recession is not the one that I think the American people recognize,” Mr. Romney said, defining that as “a shrinking G.D.P.” Rather, he said, “I think most of the American people understand that we’re still feeling the effects of the recession"