Over at the Upshot, but here’s the key figure which tells a heckuva story. Typically, forecasts that continuously err on one side versus more random error suggest there’s a structural change in the economy that’s left out of the model.
Plus, you gotta love the Queen Elizabeth anecdote and picture. Not to be rude, but “how did you miss it?” I added a bit more dialogue:
Source: NYT, with my bubble. (Hey, that’s QE with a bubble!)