Word: boom
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...heroes. The old Then meant an American exceptionalism, the divine dispensation that the nation thought it enjoyed in the world. In 1968 the American exceptionalism perished, but it was reborn in a generational exceptionalism -- the divine dispensation thought to be granted to the children of the great baby boom. The young were special, even sacred, in the way that America once was special and sacred. American innocence and virtue found new forms, new skins...
When George Bush became President last week, he inherited that mountainous load, along with a 74-month economic boom, the longest peacetime expansion in the modern era. Bush, who once ridiculed Reagan's policies as "voodoo economics," must now confront both sides of the Reaganomics legacy. In doing so, he will turn for economic advice to a profession that is struggling to find new ways of understanding the unprecedented boom-and-borrow cycle of the past eight years...
That concern is echoed by resurgent Keynesian economists, who are trying to adapt their mostly liberal views to current conditions. Virtually counted out when inflation surged along with unemployment in the 1970s, the Keynesians now point out that Reagan borrowed from their philosophy in propelling his economic boom with deficit spending, which Keynesians have long advocated as a cure for slumps. "Keynesianism was vindicated by these last eight years," says Princeton economist Alan Blinder, a leading exponent of the school of thought. Blinder insists, however, that the deficits have got far out of hand...
Chastened by failures and feuds, struggling to fathom the boom-and-borrow Reagan years, economists jettison rigid formulas and move toward a more pragmatic philosophy...
...global boom in peacemaking that brightened 1988 is continuing into the new year -- and into the new American Administration. The cease-fire in the Iran-Iraq war is holding, and there is progress toward an end to the Vietnamese occupation of Kampuchea. But in the background of all the promising jaw-jaw going on at conference tables around the world is the muted but discordant sound of the superpowers bickering over which one deserves more credit for peace breaking...