Tell it to my friends in the telecom industry, where its an outright depression. Many large, well-known companies have cut staff by over 50 percent, such as Lucent and Nortel. Of course, this isn't the fault of tax cut or monetary policy. There was gross overbuilding of fiber and telecom capacity, fueled both by a Wall Street mania and by government actions in the form of the Telecommunications Act of 1996. That made it appear profitable for a host of new competitors to enter business in competition with the Bells by mandating that the Bells give them connection access to their networks. Many of these competitors, the so called CLECS (co-exchange located carriers) had their IPOS, their brief day in the sun, and flamed out. The equipment suppliers had a boom and a bust. An interesting episode.