Report March 2000

Senior Scholar James K. Galbraith discusses what is perhaps the most important economic question facing the United States today: Are President Clinton’s fiscal policies sustainable, or are changes needed to keep the current expansion going? A new Strategic Analysis by Distinguished Scholar Wynne Godley examines recent trends and prospects for the trade deficit, debt, and property income.

Contents: Editorial: "Full Employment and How to Keep It" (James K. Galbraith) * Strategic Analysis: Notes on the US Trade and Balance of Payments Deficits * New Public Policy Briefs: A New Approach to Tax-Exempt Bonds * A Dual Mandate for the Federal Reserve * New Policy Note: Social Security Privatization * New Working Paper topics include: Employment Inequalities * The History of Wage Inequality in America, 1820 to 1970 * Computers and the Wage Structure * New Perspectives on the Guaranteed Income