Opinion
Suddenly many of the old threats to the U.S. economy do not seem very threatening. Inflation is nonexistent. The federal deficit has been eliminated. And--at a time when our gross domestic product, productivity, and disposable income are reaching new heights--other nations we recently worried about competing against have experienced an economic downturn.
One key to the resurgence of the U.S. economy has been the rapid growth of new science- and technology-based industries, especially those related to the Internet and biotechnology. In both of these cases, substantial federal and private funding gave rise to innovations that make much of today's growth possible.
But future progress in these areas is by no means guaranteed. It will require the same farsighted policies and investments that spawned the current wave of opportunity. Already there are challenges looming that threaten to undermine long-term prospects for growth. With the economy booming, it is critical ...
