Until we experience an economic slowdown, we will not know for sure how much of the extraordinary rise in output per hour in the past five years is attributable to the irreversible way value is created and how much reflects endeavors on the part of the business community to stretch existing capital and labor resources in ways that are not sustainable over the long run,
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How can we ignore the fact that virtually all forecasts of the budget balance have been wide of the mark in recent years.Alan Greenspan
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could prove destabilizing to our financial system as a whole and in the end could seriously diminish the availability of home mortgage funds.
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More uncertainty, however, surrounds the outlook for inflation,
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Bush said his choice as the nation's new central banker commands deep respect in the financial community. ... has shepherded our economy through its highs and its lows.
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Faster economic growth, doubtless, would make deficits far easier to contain. But faster economic growth alone is not likely to be the full solution to currently projected long-term deficits.
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