In the past decade, the American economy underwent a transformation and became the envy of the world. As the 1990s began, unemployment and interest rates were high, and confidence in the economy was low. Key U.S. businesses seemed to have lost their competitive edge. Today, all that has changed. Even with the current slowdown, the U.S. economy is the world leader.
Unemployment is still low, and wages across the income spectrum have risen.
Many factors contributed to the transformation of the U.S. economy. First and foremost, of course, was the hard work and entrepreneurial spirit of American workers, farmers, and businessmen. Technological advances gave birth to new businesses and new ways of conducting business, which helped productivity to increase. Debt reduction is essential to sustaining our economic expansion and for laying the groundwork for a healthy economy for years to come. Such a huge tax cut is fundamentally flawed for three reasons.