| Yes, it is an unfortunate monicker. But I do not even credit Newt, however much it helped to keep Clinton from veering off the straight and narrow in fiscal policy. I mainly credit the cybernetics and telecommunications revolution, which, at least in part, due to overspeculation, set us up for the bust that experienced. I also think that we would have recovered more strongly had it not been for 9/11, especially in its impact on tourist related enterprises, as well as increasing general consumer jitters. Thus, although I think monetary policy has been correct, and that there was an additional stimulus from the tax cuts, I think that recovery is coming at about the right time anyway, barring boneheaded moves to stall it. In other words, Bush has helped, but mostly the economy is inherently resilient....... |
