Why Economists Suck with the Crystal Ball

This is a great article on why economic predictions are so off the mark usually. I have noticed that economists almost never get the numbers correct. I have seen predictions of growth and their is a slowdown. Then I see a prediction of a slowdown and then there is unexpected growth. It seems like they are sometimes picking numbers at random. These are the 10 reasons from this article. I wonder if anyone keeps percentages on how close/far off these predictions are to the mark?

1. The forecasting skill of economists is on average about as good as
guessing. In fact, predictions by the politically driven Council of Economic
Advisors, Federal Reserve Board and Congressional Budget Office were often worse than guessing.

2. Economists cannot predict the turning points in the economy. Of 48
predictions made by economists, 46 missed the turning points.

3. Economic forecasting accuracy declines with longer lead times.

4. No economic forecasters consistently lead the pact in accuracy.

5. No economic ideology consistently produces superior forecasts.

6. No economic forecaster has consistently higher forecasting
skills predicting any particular economic statistic.

7. Consensus forecasts do not improve accuracy (although the press
loves them).

8. Psychological bias affects forecasters and their forecasts. Some
economists are naturally optimistic and bullish, others are consistently
pessimistic bears.

9. Increased sophistication provides no improvement in forecasting
accuracy. Remember the Long-Term Capital Management hedge fund? Two brilliant Nobel Economists backed by Wall Street's elite nearly sabotaged the world economy.

10. Finally, Sherden says there's no evidence that economic
forecasting has improved in recent decades. In fact, forecasting appears to be
deteriorating as partisan politics, Wall Street gaming and unpredictable global
events invent new illusions.