I just talked to Bill Beach at Heritage’s Center for Data Analysis, who tells me that the team re-ran part of its model for the Path to Prosperity. The unemployment projections, which predicted sub-7 percent unemployment in 2012 and sub-3 percent unemployment in 2020, were too low.
“We adjusted the full employment unemployment variable,” said Beach. “Nothing else changes as a result of that, but the employment number changes.”
The new numbers – 7.89 percent unemployment in 2012, and 4.27 percent unemployment in 2020.
