The American economy was essentially an un-manipulated economy when I came to this country in 1958. It was an economy closest to operating on Adam Smith’s free market principle with an average GDP growth rate of 3.5 percent, an average inflation rate of less than 3 percent and an average nominal interest rate of about 5.5 percent. It was the envy of the world with over 80 percent of the population falling into the middle class.
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