Date of Original Version

2-1993

Type

Response or Comment

Abstract or Description

The economy continues to expand as we enter 1993. In contrast to the many gloomy forecasts and interpretations of statistical data, that captured the headlines, last year, this growth cannot be explained as mainly the result of special, nonrepeating factors. "Special factors" did not work one way; they include the cutback in defense spending which has worked to slow the recovery.

Comments

prepared for the Joint Economic Committee. February 11, 1993.

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