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We need to have more austerity and tax rises to sort out the deficit – not because growth has been weak, but because the OBR cannot honestly forecast a long boom to make up the past weakness.
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Furthermore, we show that CPP contracts encourage consumers to forecast honestly by rewarding them with discounted rates, while remaining profitable for the provider, even when forecasts are not completely accurate.
Personally, I find the pessimists more convincing than the optimists -- though any economist who honestly keeps track of his own forecasting record quickly learns to be humble.
Asked for his sales forecasts for 2009 and 2010, Mr Marchionne, who has a reputation with analysts for keeping his promises, confessed: "I honestly do not know.
"No, honestly.
Yes, honestly!
"But honestly?
Honestly, no.
"Really, honestly.
Dull, honestly.
And honestly?
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