Our analysis of economic developments almost surely will need to deal in greater detail with balance sheet considerations than was the case in the earlier decades of the postwar period, |
our current pay-as-you-go Social Security system unsustainable. |
Our judgment is that the level of consumption growth...will slow down, and the dramatic expansion in capital investment will slow down, ... Something will eventually change the pattern, but there are a number of different ways that can happen. |
Our operating procedures, as you suggest, do tend to smooth out short-run fluctuations in short-term interest rates, |
Over most of the past several years, the behavior of unit labor costs has been quite subdued, ... But those costs have turned up of late, and whether the favorable trends of the past few years will be maintained is unclear. |
Over the last few months, these forces have taken their toll on activity, and evidence has accumulated that the economy has hit a soft patch, |
Over the past decade, the U.S. economy has benefited from a remarkable acceleration of productivity. But experience suggests that such rapid advances are unlikely to be maintained in an economy that has reached the cutting edge of technology. |
Overall, the household sector seems to be in good shape, |
pace that is likely to be measured. |
Policymakers will need to be on the alert for oil-driven, indeed energy-driven, risks to our expansion, ... firm. |
President Bush believes Chairman Greenspan is doing an excellent job. |
pressures on profit margins have been unrelenting. |
profound implications for the free world's trading system and the long-term growth potential of the American economy. |
Profoundly beneficial forces driving the American economy to competitive excellence are also engendering a set of imbalances that, unless contained, threaten our continuing prosperity, |
Protectionism in all its guises, both domestic and international, does not contribute to the welfare of American workers, ... At best, it is a short-term fix at a cost of lower standards of living for the nation as a whole. |