1990S U.S.: WHAT MORE COULD YOU ASK?
Unemployment: Under 5% this year Growth: Modest but steady; 2% average this decade Inflation: What inflation?
ECONOMIC BACKDROP Even veteran economists are rubbing their eyes in disbelief at how well the U.S. economy has behaved this decade. For years policymakers couldn't figure out how to reduce joblessness without flaring inflation. The 1990s finally revealed the secret: end the cold war; slash military spending. Pare annual federal budget deficits. Have a central-bank chairman who can deftly apply the monetary brakes to hold inflation down without killing the expansion. Voila! The healthiest economy in recent memory.
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