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Since my first response was reactive, I thought I would try a second response that shifted the terms of discussion a bit. Economically, several things have happened that were unanticipated a mere ten years ago. First, the power of computing has revolutionized the workplace, and increased productivity enormously, as well as generating a whole new sector in need of capital and labor. Second, the challenge of the Asian Tigers faded, as it was revealed that "crony capitalism" had permitted a lot of poorly documented and under- collaterilized loans, and that the chickens were coming home to roost. Third, "Eurosclerosis" began to set in, and even Left wing parties began to realize that they had let their welfare states get out of hand. Republican efforts to keep a lid on taxes, to deregulate, and to hold the line on social welfare and entitlements, helped to stimulate economic activity. With all of these factors, the United States was well positioned to reap rewards in world markets, and the main thing was not to do anything to screw it up. Ineffectuality being the hallmark of this administration, the economy was pretty safe.....Economically, the action is mainly elsewhere than the government..... |
