January 30, 1998

In his State of the Union address, President Clinton reminded us that the economy is in great shape. And, indeed, it is. The unemployment, inflation and welfare rates have fallen to levels not seen more than two decades. The misery index, the sum of the unemployment and inflation rates, stands at 6.38 - a point not seen since June 1966 (Figure 1). And, though there have been some recent setbacks, the undeniable trend is towards freer trade

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