But, while no one wants to start a premature celebration, the U.S. economy has suprised the pessimists in recent years. The strenth and energy of the New Economy are directly reflected in faster growth and lower rates of inflation. What's more, this powerful performance may turn out to be more, than simply a short-run phenomenon. With a combination of good luck and good policy, the United States could be in the early stages of a long period of strong growth, with annual growth of three percent or more well within reach-at least a half percentage point higher than current projections.