STATE OF BUSINESS: The High Plateau

The U.S. is "poised on a high plateau with neither the threat of inflation nor of recession . . . ever very distant." Thus Arthur F. Burns, chairman of the President's Council of Economic Advisers, describes the economic state of the nation. In this situation, Burns told the New York State Chamber of Commerce: "We must be alert to changes in economic conditions. The only rigidity that we can afford is the principle that the best way to fight a recession is to prevent it."

Burns saw no recession in sight, thought that the U.S. is still feeling the thrust of...

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