The U.S. Economy

Paper Summary:

This paper explains that future evolution of the American economy is closely related not only to the 1990-2000 period, which covered one of the most prolific economic expansion in history, but also to the fiscal policy adopted to encourage a rebound from the economic cycle recession of this period. The author points out that there are three sources of labor productivity growth: Capital deepening, labor quality growth and total factor productivity growth. The paper states that the near-term performances of the American economy in 2004 demonstrated a strong, sustainable and healthy growth, including reasonable inflation rates, low unemployment rates and increased labor productivity.

From the Paper:

"The beginning of the 90s brought about a new president, Bill Clinton, for whom the campaign slogan "it's the economy, stupid" became an actual concept. President Clinton would become the equivalent of the 90s growth and many of his bills did encourage such a process. One of the numerous examples was the declaration that "era of "big government" was over in America" . Indeed, many of his measures were directed at improving the market forces and stimulating competition among the players on the market. The local telephone services, for example, were opened to competition and he overall encouraged liberalization and globalization as a successful principle."

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