(I say dawdling, although, by European standards, the U.S. economy is still roaring).True, but there's still more. The kind of economy we have now used to be called "good." Without the late 90s for comparison, these growth numbers, coupled with still-low inflation, would send the bulls running through the market. So I'm still at a loss when I hear every news anchor in America talk about a sluggish economy and a slow recovery. Everyone thinks it can be 1997 all over again, and they're sitting on their money until it happens. To quote Jack Nicholson, what if this is as good as it gets? What if the years of 2% unemployment (and practically no inflation) are behind us? What if the supergrowth of the 90s was really just a paper tiger? We already have some evidence that that is the case, as stock prices settle at more reasonable levels. Could it be that we have to resign ourselves to the fact that, as before, 5-6% unemployment is statistacally negligible? Don't doubt it.
Thursday, January 23, 2003
More Economy: I loved this aside from Sully, referring to our "still-dawdling economy":