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The Hazards of Economic Forecasting

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When economists lay out their forecasts for all to see, they usually add a caveat such as “barring any unforeseen circumstances”.  The COVID-19 global pandemic has certainly turned out to be one of those circumstances that has derailed all forecasts made prior to this virus rearing its ugly head.

Mike Switzer interviews Bruce Yandle, Dean Emeritus at the College of Business & Behavioral Science and Alumni Professor of Economics Emeritus, both at Clemson University.  He is also a Distinguished Adjunct Fellow at George Mason University’s Mercatus Center which publishes his Economic Situation Report.

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.