The Age of Diminished Expectations is a straightforward briefing on the US economy for readers who want to be well informed without being overwhelmed by statistics, predictions of disaster, or boundless optimism. In a new preface to this paperback edition, Krugman addresses the current recession, the aftermath of the Gulf War, the plunging trade deficit, and the soaring budget deficit. He notes, however, that little has changed in terms of the fundamental issues: We still live in the America that the book describes: a huge wealthy nation that faces no immediate crisis, but which more and more fails to live up to its promise.