Chapter 1 - Chapter 1 The U.S The information economy...

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Chapter 1 The U.S. The information economy helped to create the “New Economy.” This hasn’t really ended up being true. Y2K was the “end of the world as we know it.” All computers were supposedly going to shut down and all bank accounts were going to disappear. All those 1’s and 0’s were soon going to be all 0’s. All of the money was invested in these information businesses before 2000. After the turn of the millennium, people stopped investing in computers and technology, causing a recession. Also, many of the “dot com” businesses failed, resulting in a sweep of unemployment. How to spend the surplus? This was the question that Bush was faced with when he began his administration. However, the economists had been predicting the future, badly I might add. Now we have a very large deficit, due to the war and the recession. However, we shouldn’t freak out, since (historically) it has always worked out. In the 80’s, there was a humongous deficit. But then, in the 90’s, the economy grew and tax
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This note was uploaded on 04/09/2008 for the course ECON 3120 taught by Professor Belton during the Spring '07 term at Georgia Tech.

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Chapter 1 - Chapter 1 The U.S The information economy...

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