That’s the only explanation I can come up with for this:
In what should be the biggest joke of the day, Bank of America has just released its GDP forecast not for the next several quarter, but making a mockery of the IMF’s 2022 Greek GDP forecast, it predicts US growth for the next decade!
The punchline: after expecting a surge in growth to 3.4% in 2016, the bailed out bank tapers off its forecast which evens off at 2.2%… some time in 2025. And throughout this period its crack economist team headed by Ethan Harris anticipates precisely…. zero recessions.
Indeed, in what will be a first time in history, the US is expected to grow for 16 consecutive years since its last official, NBER-defined recession (which “ended” in the summer of 2009) without entering a recession.
This is unprecedented. It has never happened. It will never happen. But this is what PhD economists do nowadays: make predictions based on their mathematical formulas while ignoring any semblance of reality. Too bad that human action doesn’t work the way that the experts assume it does.