In January $2001,$ the Congressional Budget Office $($CBO$)$ projected a budget surplus of nearly $$6$ trillion over the next ten years, but it never materialized. What does this erroneous projection imply?

Forecasting five or ten years into the future is very difficult.

The CBO produces politically biased forecasts.

The forecasters at the CBO provide less accurate estimates than would forecasters in private practice.

Long$-$term forecasts are more accurate than short$-$term forecasts.