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In 1999-2000, the Administration of President Clinton was celebrating an era of unusually strong economic growth with both strong productivity gains and employment gains. The unemployment rate was around 4 percent, inflation was low, the budget was in surplus and the stock market was high. Incomes had risen for all quintiles of the household income distribution. This was a New Economy, fueled by technological marvels, with the new century offering the promise of even greater things to come. This was a new day compared to the dismal assessment of Paul Krugman in his 1994 book, The Age of Diminished Expectations.
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