IN THE EARLY EVENING OF DEC. 7, A small group of economic advisers met secretly with Bill Clinton at Blair House in Washington. Their message was depressing: The long-term outlook for the nation's economy is worse than the public appreciates; the euphoria surrounding the latest growth figures is unfounded; and some of the underlying assumptions behind the economic plan Clinton embraced during the campaign are wrong. "Blair House," as it is now referred to in shorthand among a close circle of Clinton aides, was not a pleasant meeting. The President-elect feared that his advisers had misled him during the campaign, and...
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