September 06, 2001

Our analysis suggests that rising inflation, regulations and tax rates are prosperity killers. This helps explain the recent past and what we need to do to continue the prosperity. The adoption of a price rule combined with lower marginal tax rates during the past two decades fueled an unprecedented prosperity in the U.S. The decline in interest rates led to a lengthening of investor horizons. The low inflation and tax rates increased incentives to produce and as a result the economy expanded and the markets appreciated at an incredible rate. During the course of an exceptional economic performance we hit a few bumps, yet we always recovered.

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