It couldn't alleviate poverty. It didn't raise the incomes of society's least advantaged. And, at least according to Greenspan, fast growth encouraged too many people to spend beyond their means. Yet today's social and economic story is that a rising tide does lift all boats. The wages of low-income workers are rising rapidly, and income inequality has stopped widening.
Unemployment is at a three-decade low.
Growth is good, and the Fed should err on the side of giving a high-tech economy room to run.