A lot to respond to there, but I'll keep it to this for now:
"Those who are of the Austrian prediction have successfully predicted the recession for quite some time now."
...and radical Muslims have been predicting the downfall of American superiority for the past fifty years based on the theory that God will take us down because we're godless heathens.
If America falls into a pit of poverty at some point over the next 20 years, does that mean that the radical Muslim theory was correct, and it happened because God is punishing us for our sins?
If not, then how can you possibly take a recession (which tends to happen like clockwork every couple decades anyhow) as evidence for a theory of economics that has considered America too socialist to thrive since the inception of the theory?
Business cycles are well understood in neoclassical economics, too.
The Depression started 80 years ago. That was before the advent of econometrics, before monetarism, and even before behavioral economics. What have the Austrians given us since? Behavioral economics is a lot like Austrian economics (it bases economic theory on human psychology) except better (it uses empirical measures of actual human behavior instead of unfalsifiable first principles).
Austrian economics, 80 years ago, was an innovation. It had its influence, particularly in the marginal revolution, and we moved on. Since about Rothbard, Austrian economics has been more about "let's come up with a nice-sounding argument for anarcho-capitalism" than "let's study how the economy works".
"Those who are of the Austrian prediction have successfully predicted the recession for quite some time now."
...and radical Muslims have been predicting the downfall of American superiority for the past fifty years based on the theory that God will take us down because we're godless heathens.
If America falls into a pit of poverty at some point over the next 20 years, does that mean that the radical Muslim theory was correct, and it happened because God is punishing us for our sins?
If not, then how can you possibly take a recession (which tends to happen like clockwork every couple decades anyhow) as evidence for a theory of economics that has considered America too socialist to thrive since the inception of the theory?