The 2005 economy will grow more slowly than the 2004 economy. In fact, I estimate that 2005
In general, oil price hikes reduce overall
Higher short term interest rates precipitated by the Federal Reserve Open Market Committee’s funds rate boosts will siphon dollars from the economy that might have been otherwise spent at the local Wal-Mart. For example, consumers will be paying higher interest amounts on credit card balances. There will thus be less money to spend on products and services that add to the quality-of-life---even lottery tickets.
Three percent growth will be acceptable and produce few significant problems for the