Washington trying to time economic policy can't be done, expert warns: 'You can't forecast the weather'

HEAD IN THE CLOUDS: Forecasting the economy, timing policy is a strategy that's not working, economist says

Former White House Council of Economic Advisers Chair Tomas Philipson criticizes economists' efforts to predict the economy and time policy on ‘Mornings with Maria.’Friday, former White House Council of Economic Advisers Chair Tomas Philipson argued forecasting the U.S. economy and trying to time policy is a strategy that's not working for the D.C. establishment.Not a joke for Americans to see their paychecks basically carry less and less when they start to buy things.

But it's a general problem with whatwhich I'm certainly not in the camp on, but pretty much the whole D.C. establishment is in that camp. Which says that they think that government officials understand the economy and can time policy, even though no one can. , which has much better incentives to trying to forecast economy -- but forecasting the economy and trying to time policy, it's like, trying to plan a wedding on a sunny day.

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