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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (22655)	1/15/1999 1:16:00 PM
From: Lee	Read Replies (1) of 50167

Hi Ike,..Re:.Abby's talk Abby Cohen just finished speaking and she made some interesting points. First, if you look at the bottom chart on the charts below, it shows the US has a large surplus in trade with respect to Services. This is primarily value-added tech services and tends to support my guess that the economy is evolving from a hard-core manufacturing economy to a more technical oriented one. bea.doc.gov She noted that the composition of GDP has changed and that tech, as a percentage of GDP has increased by 3 over the last 6 years. She also noted that the US is one of the few countries with a budget surplus and that should keep the domestic economy healthy beyond 2000. She said that the US enjoys domestic growth even in the face of global slowdown and for this reason she expects US business to continue to grow revenues and profit. Because of this domestic growth, she noted that the US is 1/4 as sensitive to currency fluctuations as Japan for instance. It was overall a fascinating speech and she based some of her comments on Robert Parry's speech which can be found at the site below when the Fed gets around to posting it. bog.frb.fed.us Regards, Lee

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