White House won’t release formal economic projections this summer

[George K]

https://www.washingtonpost.com/business/2020/05/28/white-house-coronavirus-economic-projections/

White House officials have decided not to release updated economic projections this summer, opting against publishing forecasts that would almost certainly codify an administration assessment that the coronavirus pandemic has led to a severe economic downturn, according to three people with knowledge of the decision.

The White House is supposed to unveil a federal budget proposal every February and then typically provides a “mid-session review” in July or August with updated projections on economic trends such as unemployment, inflation and economic growth.

Budget experts said they were not aware of any previous White House opting against providing forecasts in this “mid-session review” document in any other year since at least the 1970s.

Two White House officials confirmed the decision had been made not to include the economic projections as part of the mid-session release. The officials, who spoke on the condition of anonymity to discuss internal deliberations, said that the novel coronavirus is causing extreme volatility in the U.S. economy, making it difficult to model economic trends.

The document would be slated for publication just a few months before the November elections.

[xenon]

I could buy the perspective that there's so much uncertainty here (e.g., second wave) that it'd be an exercise in mathematical masturbation to do this.

[Doctor Phibes]

#tiredofwinning

[Axtremus]

It's OK. China's Communist Party has also given up on setting economic growth target.

[LuFins Dad]

@Doctor-Phibes said in White House won’t release formal economic projections this summer:

#tiredofwinning

No, they just can't agree on how to spell bajillion.