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Editor's Note: In light of a new U.S. presidential administration, THE MICHIGAN CPA asked David L. Littmann, first vice president and senior economist with Comerica Bank, Detroit, his thoughts regarding the economic impact of the Clinton era on both the profession and the country. Following are his comments.
The U.S. economy was destined to accelerate in 1993, regardless of November's election outcome. A better economy in 1993, of course, will provide a welcome improvement in the CPA's working environment - in Michigan no less than for the nation. Nevertheless, no one - in or out of the accounting profession - should think for a moment that his or her future is made more secure or even financially better off by the onslaught of new and ever-changing tax, accounting, and regulatory legislation emanating from Washington or the other units of government.
Unless the work performed by individuals augments …