The Fed's Unemployment Wishful Thinking

No one seems to have noticed that the Fed’s latest unemployment projections just don’t make sense.  While most economists are concerned about a jobless recovery, the Fed is forecasting lots of jobs, but little recovery. Yes, today’s projections suggest only tepid output growth in the next few years. And given this, it’s hard to see how we will make much of a dent in the unemployment rate.  Yet the Fed believes otherwise, cheerfully (wishfully?) forecasting declining unemployment.