| Sumario: | A commentary on “What kind of America will Gen Xers inherit,” by Joel Kotkin and David Friedman, which appears in this issue. Kotkin and Friedman are correct to assert that there is a certain degree of mindless optimism in the U.S., but several very large structural transformations have taken place that provide strong reasons for thinking that most trends are likely to lead in an upward direction. Unemployment is currently running at 4.7 percent, the lowest rate in 24 years; gross domestic product has increased by an average of 3.5 percent since 1982; and inflation is at its lowest since 1987. Furthermore, there are cultural aspects of American business that are encouraging, and there has been a reversal in a number of negative social trends. In addition, the demographic profiles of Europe and Japan point to sustained population decline, whereas the U.S. can look forward to moderate population growth. Nevertheless, fears of resurgent liberalism and/or socialism are valid.
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