Aside from low inflation, the country is enjoying a sound dollar, rising corporate earnings, a federal budget surplus, full employment and no serious threats to our international hegemony.

FORBES: The Road Less Traveled

Federal spending, now 24% of GDP, would be 22% of it if the economy were at full employment and therefore bigger, says the Congressional Budget Office (CBO).

ECONOMIST: The size of the state

In Chile a fiscal law obliges the government to run budget surpluses whenever the economy is at full employment and the copper price is above its long-run equilibrium, as estimated by an independent panel.

ECONOMIST: Petri-dish economies

While each year the heads of state sing from the same hymn sheet in praise of scientific research as a vehicle to achieve the objectives of growth and full employment, the first cuts proposed to the future European budget under negotiation yesterday were in this field.

BBC: NEWS | Europe | EU's 'Waterloo' summit angers press

But the gridlock did no harm to the almost record period of economic growth of the 1990s, which ended with prior budget deficits becoming budget surpluses, powered by increased government income from taxes on the wages of full employment, strong corporate profits from the economic boom, and taxes on the profits being made in the longest, strongest bull market in history.

FORBES: With The Election And Fed Uncertainty Soon Resolved, Grip Tightly For Stock Market Volatility

With Spain's economy booming and growth predicted to exceed 3% for the fourth year in a row, Mr Aznar has promised to wipe out the budget deficit in 2001, to cut income tax still further, and to create full employment by the end of the decade.

ECONOMIST: Spain

These policies then increase the budget deficit but are also intended to increase total demand in the economy, driving it back toward full employment.

FORBES: Doubling Down on the Payroll Tax Holiday Still Won't Create Jobs