Volume 39, Number 20 · December 3, 1992
Clinton's Opportunity
By Benjamin M. Friedman
President-elect Clinton faces a situation in which US economic policy and the US economy have reached a standoff. Business is sluggish in part because it must carry the weight of past mistakes, both public and private, but also in part because it has been receiving little help from what in other circumstances would be standard policies used by the federal government to stimulate the economy. At the same time, such policy measures have been largely absent because so many of the usual measures that are appropriate during a time of stagnation—tax cuts, boosts in spending, genuinely deep cuts in interest rates—apparently fly in the face of the need to begin resolving the mess left by the excesses of the last ten years.
Feature, 5566 words
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