How to Identify the End of the Boom and the Bottom of the Bust
The United States has multiple economies. We have an economy based upon production, savings and investment, and ultimately consumption. This is the economy most people understand because they participate in it as a corporate executive or manager, small business owner, employee, and, of course, consumer. Businesses have one primary goal, to satisfy consumer demands. And the market economy has been “delivering the goods” to the American people for more than 200 years. In addition, we have a substantial portion of the economy, the so-called public sector, which requires taxes and borrowing to spend on transfer payments—Social Security, Medicare, Medicaid, and other social welfare ...
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