While Washington pulled a long face and talked of austerity ahead (see Controls), Arno H. Johnson, vice president and economist of J. Walter Thompson Co. last week took a refreshingly different view. Said he: "The opportunity exists for Americans to improve their standard of living by one-third within the next five years and at the same time invest $200 billion—or $40 billion a year—in the security of a strong defense." To do this, Johnson told the Chicago Tribune forum, the U.S. will have to step up its productivity, but no more so than it has since 1940.
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