Not completely accurate, of course. But close enough to hurt. Steve Chapman at Reason Online:
In any event, the sudden change of forecast will not damage his standing. Macroeconomists are expected to be smart, learned, and articulate in explaining and predicting the course of the economy. But these days, at least, no one really expects them to be right.
That includes them, I suspect. They realize that the economy is a big, complex organism about which they can make only educated guesses. They know there is no consensus in the profession on how to extricate ourselves from this mess. . . .
But macroeconomists can almost always claim to be right, no matter what happens. If they recommend Policy X and the economy weakens, they can say it prevented a complete disaster. If they say Policy X will hurt and things improve, they can say without it, we'd be even better off. Being a macroeconomist means never having to say you're sorry.