Planet Money Would you trust an economist with your economy?
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Aug 2, 2025 Trust in economists is at an all-time low, especially after a series of controversial job reports and firing incidents. The podcast dives into a tense discussion about the challenges the profession faces, particularly in light of past economic crises like the housing market crash. Experts explore how failures in predicting economic downturns have fueled public skepticism. They discuss strategies to rebuild trust, emphasizing accountability, transparency, and more relatable communication to restore faith in economic forecasts.
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Economist Misses 2008 Crisis
- Diane Spong missed predicting the 2008 housing market crash, which she calls "heart-wrenching."
- She acknowledges that economists' failure to foresee big crises hurts public trust deeply.
BLS Data Integrity
- The Bureau of Labor Statistics data is very solid and politically neutral.
- Accusations of data manipulation lack basis and ignore statisticians' dedication.
Trust in BLS Civil Servants
- BLS data is produced by dedicated civil servants who do not spin outcomes.
- It's not possible to quietly fudge these government economic statistics.
