Our relatively open borders, which permit most foreign goods to come in with a zero or low tariff, have helped keep inflation in check, allowing the Federal Reserve to let the good times roll without hiking up interest rates as quickly as it might otherwise have done.
“competitiveness.” Productivity growth-the engine of improvement in average living standards-has rebounded from a 25-year slump of a little more than 1 percent a year to roughly 2.5 percent since 1995, a gain few had predicted.Įconomic engagement with the rest of the world has played a key part in the U.S.
As the United States enters the 21st century, it stands unchallenged as the world’s economic leader, a remarkable turnaround from the 1980s when many Americans had doubts about U.S.
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