Working Paper #648
Where Are We Going?
Daniel Rose
Our current economic turmoil in many ways resembles the typically cyclical “ebb and flow” that will always accompany a loosely regulated free market economic system. In this particular instance, the downturn has been seriously exacerbated by governmental acts of commission and omission that should be faced and resolved. How long the downturn will last, how deep it will be, and what the long-term ramifications will be depend on governmental actions yet to be taken. The prodigious strengths of the U.S. economy, U.S. institutions and the U.S. public assure us that eventually “this too shall pass,” but much unnecessary anguish will be apparent in the meantime.