One year ago the budget forecast from the Office of Management and Budget (OMB) showed total debt rising to $12.3 trillion in 2013. In Q1, 2008 the administration’s top economists saw annual unemployment remaining just below 5% through 2013. These people are not incompetent. They are well trained in traditional economic forecasting that must be supplemented with new kinds of economic forecasting. This is especially critical when unprecedented policy response is based on the outdated forecasting.
Read more at Jon Fisher’s Blog
