y a few years ago, the United States seemed destined to enjoy endless good times. The 1950s were marred by two brief reces- sions, but unemployment averaged only 4.5 percent, inflation two percent. By 1965, the pace of annual economic growth had nearly doubled, climbing to 6.5 percent, and unemployment and inflation remained near their old levels. It seemed that Wash- ington's economic sages had hit upon a magic formula to ensure growing prosperity for all. But within a decade, chronic stagfla-...