Regaining the Lead In the Global Race; Surging Economy May Hold Edge for Years
For a president whose greatest passion seems to be winning the global economic competition, last week's news must have been awfully sweet.</br></br>A flurry of economic indicators showed the U.S. economy surging, even as Europe and Japan remained mired in recession. U.S. unemployment fell sharply and consumer confidence shot up - all in a week that began with the free fall of the Tokyo stock market.</br></br>Beyond these short-term numbers, some economists see a fundamental shift of America's position in the global economy. They argue that the United States has emerged from a period of economic "restructuring" - a polite term for brutal layoffs and cost-cutting - as the most vigorous and competitive economy in the world - and may be poised to retain that distinction for years to come.</br></br>You could almost imagine President Clinton running to the White House balcony and shouting: "We're Number One!"</br></br>Certainly, there's a lot worth shouting about. Consider some of the recent signs of the U.S. economic renaissance: