They can't all be as smart as Billy


You know when the weatherman says it's going to be sunny, and it rains instead, do you blame the weatherman or the rain? When it comes to economics, you blame it on the rain.

CNN/Money, who sometimes takes financial advice from famed economist Billy Joel, notes that the GDP missed the forecast (rather than the forecast missing the GDP).

Gross domestic product, the broadest measure of the nation's economy, grew at an annual rate of 3.4 percent in the second quarter, the Commerce Department reported, down from a 3.8 percent growth rate in the first quarter.

Economists surveyed by Briefing.com had a consensus forecast for 3.5 percent growth in the most recent period.

So 4 out of 5 economists said it would be 3.5%, but it was actually only 3.4%. I'm sure that this is somehow all Bush's fault.



Comments (3)      top   link me

Comments

3.4 instead of 3.5? That's like a blind man shooting in a hurricane, and complaining because he was 2 inches off the bullseye.

Posted by: markm at July 29, 2005 3:42 PM

I agree. Don't the economists make estimates? I always thought it was good to get close to an estimate.

You know the Republicans are doing something right when this is what they complain about!

Posted by: politicalpie at July 29, 2005 11:22 PM

The weatherman always blames the weather. ``The front came through slower than expected ...''

Posted by: Ron Hardin at July 30, 2005 6:58 AM

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