provide peer review

By now you should realize how important it is for economists to try and predict future conditions of the U.S. economy. Economists are also interested in the performance of the economy at a more local level. Discuss how local and national forecasts play important roles in the State and Federal levels.

Economic forecasting is the process of attempting to predict the future condition of the economy using a combination of important and widely followed indicators. Economist use key variable and statistical models in an attempt to come up with future GDP. Government officials at both the federal and local levels use the forecasts to create fiscal and monetary policies. Government needs to know what may happen in the future so that they can use these policies help set spending and tax parameters. Some people do not trust the economic forecasting that is done at the government level because we have all seen what happens when the government choses to ignore some economist forecasting. History shows us they neglected to foresee the Great Recession of 2008. Like any model created to predict the future, junk in means junk out. If economist chose to not face the facts they will create polices off of bad information and act like the impossible can't happen makes matter worse.