In this speech, Boskin comments on the economic and social welfare of the United States from the 1930s to 1970s. He describes some of the country's societal achievements under its economic policy. However, he points out some changes that need to be made in economic policy in terms of government spending, economic concepts, and the involvement of the federal government.

Boskin's biography includes: senior fellow, Hoover Institution; professor of economics, Stanford University; chairman, President Bush's Council of Economic Advisors, 1989-93.