Rumors of Ruin Greatly Exaggerated

Those who looked ahead to 2007 and saw a downward economic spiral would appear to have seen a mirage. For a description of the current strength of the economy, see here.

One of the amazing facts of modern life has been the general flattening of the business cycle since the combination of Reagan's tax cuts in 1981 and a change in monetary policy in favor of an emphasis on controlling inflation.