For those who remember the days of recession, high unemployment and high inflation in the 1970s, the state of the American economy in 1999 is remarkable. We are enjoying the longest peacetime recovery in U.S. history, a record low unemployment rate (4.3 percent in May), and few signs of inflation, despite rapid expansion of output and jobs. The strength of the U.S.
In the Democratic presidential primaries NAFTA became a dirty word. Hillary Clinton and Barack Obama vied to out-diss the trade agreement and gain the votes of disenchanted (and often unemployed) workers in blue-collar parts of the country.