Economist who think they can prove otherwise should show their work.
I had to get up off the couch again.
What motion in unemployment rate are the economists claiming credit for?
Are the economists claiming credit because there was no sharp peak in 2009? In 81, we had the sharp peak, it was less in the 92 recession and even less in the 2001 recession. Did they create a 'peakness' coefficient from those prior recessions? I do not see how.
Any model they had that could explain the level would be in error since their Phillips curve coefficient had been changing and was uncertain, and the only recession at these levels was 30 years past.
Any correlation they could have claimed at the top is not there, it is all symmetric noise.
No, their claims on the American Recovery Act are simply fraud, a desire to confirm their priors.