Four years ago at the beginning of the last American presidential campaign, the US economy was enjoying a nine-year expansion: strong growth, low unemployment and inflation, rising incomes, a soaring stock market, and large federal budget surpluses. At the time, many observers from both left and right accorded the policies of the Clinton administration – in particular its support for significant deficit reduction – at least partial credit for the economy’s strong performance.
Today, the US economy appears poised for another period of high growth following a spectacular stock market correction, a painful recession, and an anaemic recovery characterised by…
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