Please Spare Us A Boom
The answer is: please, spare us a boom. All we’ve learned about government economic policy since the 1960s ought to reconcile us to a modest recovery-even one that’s called “sluggish.” Gradual recovery will bring enduring benefits. It will muffle inflation and force companies to become more productive. Artificial efforts to accelerate economic growth (through low interest rates, tax cuts or more government spending) have usually ended badly. They’ve ultimately raised inflation and spawned wasteful investment....