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When the Office for Budget Responsibility (the Treasury's official and independent forecaster) published its updated forecasts at the time of the budget in March, it predicted full-year borrowing would fall from £107.8bn last year (2013/14) to £95.5bn this year.
That was far more optimistic than other forecasts at the time it was published, and quickly became laughably Panglossian.
They concluded that Japan's monetary policy in the early 1990s looked appropriate, given forecasts at the time for growth and inflation.
Each situation is evaluated and a decision made on the basis of the specific conditions or forecasts at the time at the particular location.
In the July 20 statement, Warnaco warned that both its second-quarter's and full year's earnings would fall far short of forecasts at the time from analysts.
Osborne's borrowing target for this year is £55.5bn, according to the OBR forecasts at the time of the budget in March.
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The average forecast at the time was 14 cents.
The company, based in Irvine, trimmed its fourth-quarter sales forecast at the time.
Growth next year was cut to 1.8% compared with the 2% forecast at the time of the autumn statement.
As I noted yesterday, the typical economic forecast at the time the stimulus was being crafted was for a much shallower recession than what the world actually experienced.
The official forecast at the time of the June 2010 "emergency budget" was that we would now be growing at over 2.5%, with unemployment falling sharply.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com