David Rosenberg Said Avoiding Recession Would Be a "Miracle." The Miracle Happened.

In September 2023, perma-bear economist David Rosenberg went on the Forward Guidance podcast and delivered his most confident recession call yet. He compared credit card delinquencies to the 2008 subprime mortgage crisis, predicted consumers would stop spending within months, and gave the economy a six-month countdown to doom.

What actually happened? The miracle he said would not occur... occurred. The US economy achieved a textbook soft landing. GDP grew 2.9% in 2024. The S&P 500 ripped 24%. Unemployment stayed historically low. Inflation cooled without cratering the job market.

To be fair, Rosenberg has been calling for recession approximately since the Mesozoic Era. He predicted downturns in 2022, 2023, and 2024. At some point, even a broken doomsday clock is right twice a millennium. But so far, the miracle economy keeps performing magic tricks while Rosenberg keeps predicting the rabbit will die.