Some Interesting Comments
By Bob
Glenn points to a U.S. News item which offers some economists predictions for the coming years labor market. Go check it out for yourself as I'm kind of lazy right now to quote any of it. I'll add that while I'm not a forecaster this outcome would follow a similar pattern to last decade. That is growth slowed following rate increases but then reaccelerated after they were absorbed. The good news is that I dont think we'll see a wave of currency crisis like we did in the late 90's. Asia has enough reserves and countries who don't aren't important enough in the world economy. It was the tech boom which overshadowed the poor performance in the rest of the economy during the late 90's.
My hope is that a tight labor market can enable some trade legislation to pass and also to ease restrictions on immigration(I have a great idea for an immigration model, but that will have to wait). The latter is possible under the current congress. The former will most likely have to wait until Republicans retake congress. Let's hope Bush pulls his head out of his ass and wins this damn war.