The Unemployment Rate

In 1970, there have been seven recessions. How many of those do you think economists predicted? Well, zero. No one. And meanwhile, just did economists, and that of course includes the recession that happened after the crash in 2008. They act as if it's a precise number, 5.7%. But in fact, you're walking down the street. Guy comes up to you, a bum says, can you give me a dollar? And you say, no, but I've got a little work to do behind the house. He says, well, what kind of work? You turn, you have a discussion with him.

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