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Alan Blinder, visiting fellow at the Brookings Institution, a prestigious liberal-leaning Washington think tank, and vice chairman of the Federal Reserve from June 1994 to January 1996, asserted that the consensus forecast of most economists seems to be for gross domestic product (that is, total output of goods and services) to grow about 3% to 3.5% over the next year. He would go along, said Blinder, but consumer demand may not be letting up as much as Cohen thinks, and business has an "insatiable demand" for--and appetite to invest in--new information technology. So those predicting...
...past few months, but when he takes the oath of office next Jan. 20, the next President, whether it's Al Gore or George W. Bush, will inherit the sunniest economic prospects to greet any new Chief Executive since Lyndon Johnson in 1963. Yes, it looks like the output of goods and services will be increasing more slowly. But the growth rate will slip only from one that clearly was too fast to last to a pace that can be kept up for years. And the new rate, somewhere between 3% and 4%, will still be so rapid that...
...economy is slowing enough to reduce the "core rate" of inflation--the underlying trend, minus usually volatile food and energy prices--to about 2.5% a year. That is believed to be just about Fed Chairman Alan Greenspan's target. Result: after about a year of "below-trend" growth, output could be able to speed up again. Wyss figures the economy has the potential to grow almost 4% annually over the next 10 years...
...reason: productivity. For more than two decades, through the mid-1990s, the output of goods and services per worker hour rose at a sluggish pace. But it is now riding what Feldstein calls a "rising wave." Productivity increased 5% last year, and is still accelerating through the slowdown; in the second quarter of this year it shot up at an annual rate of 5.7%. One result: though "tight labor markets are pushing up wages at a faster and faster clip," says Feldstein, unit labor costs--what employers pay out in wages and benefits for each pound of plastics produced...
...older than Eminem - Afrika Bambaata was already a turntable legend when Slim Shady was just a glimmer in his dysfunctional family's eyes. In its time, hip-hop's gone from Hollis to Hollywood to the halls of museums. Now it's time to wade through the enormous creative output of the last two decades to separate the wheat from the chaff, the hits from the misses, the heroes from the (MC) Hammers. Is Rakim the microphone god before whom we all must bow down? Is KRS-One still number one? Was Vanilla Ice an unappreciated genius...