Dollars & Sense, July 1st, 2000
Current conventional wisdom has it that business cycles are obsolete; promarket policies have swept recessions into history's proverbial dustbin. The generation of policymakers nurtured on notions of government economic management after World War II is retiring or dying off, replaced by "new economy" enthusiasts like Bill Clinton, who famously declared in 1996 that "the age of big government is over."
But what happens if the economy slips?
The old-fashioned big-government programs that pulled the U.S. through many an economic downturn have, in the last decade, been mostly dismantled. Many th...
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