What happens when sound economic projections miss the mark?

[UpInArms]

http://www.miami.com/mld/miamiherald/business/8288919.htm

excerpt:

''Why have economic forecasts missed the mark so much?'' asks Steve Morrell, Barry University economist. ``I don't have a good answer.''

It is possible, of course, that in due time the dollar will revive, hiring will pick up and Washington will balance its budget. In which case, economists won't look wrong so much as early. Indeed, timing has always been a problem for prognosticators, whether they were foretelling the beginning of a market rally or the end of a recession.

<snip>

Business cycles that reflect permanent shifts rather than temporary imbalances can leave economists behind the learning curve when it comes to gathering and analyzing data on phenomena too new to understand.

<snip>

Although most economists -- including Greenspan -- contend that a hiring binge is just around the corner, Achuthan says it isn't necessarily going to happen. Job growth and economic growth are no longer bound together the way they once were.

...more...

[mhr]

1. Tell Me Something I Don't Already Know Out Here On Main Street

Unemployed 46 months!

[Yo_Mama_Been_Loggin]

2. You mean like they have throughout the * misadministration?

[area51]

3. They have no fscking clue

what to do to fix this broken economy. The rt-wing media said:

"Although most economists -- including Greenspan -- contend that a hiring binge is just around the corner...."

Yeah, & Herbert Hoover said, "Prosperity is just around the corner." His sh*tty economic policies helped cause the 1st Great Depression, & G.W. Hoover's economic policies have caused the 2nd Great Depression.

[daleo]

4. If they were really sound, they wouldn't miss the mark

The mismatch between economic forecasts and resulting trends could also be due to the phenomenon of government lying, which seems to be endemic with the * administration.

[teryang]

5. Corporate misrepresentation of accounts

...and driving profits offshore where they cannot be verified contributes to the inability to quantify and evaluate economic data.

See:

Offshore Banking Centers
Standard Schaefer interviews Michael Hudson

http://www.globalresearch.ca/articles/HUD403A.html

On corrupt international accounting and banking practices as the order of the day for American banks and multinationals and as a threat to government, honest taxpayers and citizens. Just how do economists or government agencies keep track of the huge amounts of flight capital, falsified invoices, and secret offshore corporate accounts used to misrepresent earnings and debt? Answer, they don't.

[wildmanj]

6. sound economic forecast

its called cooking the books

[tom_paine]

7. The obvious: Because Busheviks lie like Bolsheviks

I'll bet Bushevik Economic Forceasts have the same reliability as Stalin's Five-Year Plans or a Brezhnev Agriculture Report.

Naturally, the writer feared to bring this little obvious-ness up because in Imperial Amerika, one does not speculate in such a fashion regarding the Emperor or Imperial Stooges and expect to keep making a living.