Since the media are full of “year in review” pieces, I thought I’d make a contribution of my own. One of the best things about being a blogger is being able to comment quickly on the most outrageous, nonsensical assertions presented in the guise of analysis. Here are my “ten best” (actually — most hilariously deluded) excursions into the fantasy world from my postings to Econbrowser. The inspirations range from Speaker Boehner’s math to the Heritage Foundation’s simulations (where have you gone, Bill Beach!)
Figure 1: Nonenergy commodity price index (blue) and petroleum price index (dark red), 2005=100. NBER defined recession dates shaded gray. Sources: IMF, International Financial Statistics.
Figure 2: CPI inflation (blue) Core CPI inflation (dark red), personal consumption deflator inflation (green), and core personal consumption deflator inflation (purple). NBER defined recession dates shaded gray. Sources: BLS and BEA via , St. Louis Fed FRED.
July 21. Dividing by zero and other math tricks.
November 12. The Phoenix Center “estimates” fiscal multipliers.
Figure 3: Wisconsin private nonfarm payroll employment from BLS (blue), from DWD (green bold), and projections from Wisconsin Economic Outlook, in 000’s. NBER defined recession dates shaded gray. Vertical line at 2011M01. Sources: BLS, , October Wisconsin Economic Outlook and NBER.