N. Gregory Mankiw
December 29, 2004
The U.S. economy is now on a sound footing for sustained expansion. This is a remarkable state of affairs in light of the powerful contractionary forces that have been at work since early 2000 the bursting of the high-tech bubble of the 1990s, corporate scandals, slow growth among our major trading partners, and of course terrorist attacks. But it is important not to take the economic expansion for granted. President Bush has set out an ambitious agenda to ensure a continued and expanding prosperity. At the top of his economic agenda are tax reform, the reduction of the fiscal deficit, and social security reform.