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During the ’90s …
1. The Cold War was in remission and there was still talk of a “peace dividend.”
2. From time to time we saw a balanced federal budget.
3. From time to time the U.S. ran a trade surplus.
4. Taxes were high by current standards, so the economy could still be stimulated by tax cuts.
5. Rates were high by current standards, so the economy could still be stimulated by rate cuts.
6. Rates were high by current standards, encouraging personal savings.
7. Personal responsibility was endangered, but not dead.
Anyone want to add to the list?
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