THE PRESIDENCY: Pumps, Not Taxes

At his press conference last week, the President was cheerful and chipper. How did he feel about the economy? Bullish.

But somehow Harry Truman sounded a little like a man who was damned if he was going to come down with the flu, even though he already had the sniffles. This week, in the longer, drier sentences of his midyear economic report to Congress, the President frankly admitted that there were some reasons for feeling bearish.

There were soggy spots, he said, almost everywhere his economic advisers poked their fingers. Employment was still...

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