Stagnation or Healthy Growth : The Economic Challenge to the United States in the Nineties

The United States has historically enjoyed a spectacular economic growth. Despite the "Great Depression" and periodic recessions, our real gross national product has increased seven-fold since 1929, providing the basis for rising living standards and world power.

The business slowdown in 1990-1991 is more than just a recession. It may mark the beginning of the decline of the long 2.5 percent trend growth rate of real GNP. The author discusses the powerful forces that threaten to end or greatly weaken the historically strong trend of the United States. He advances a public and private program of action to get us back on the path to healthy and sustainable growth.