As described by President Eisenhower last week, the U.S. economy in 1959 was surely the world's wonder. Never before in history had so many enjoyed so much of life's good things. Between the bare statistics in the annual economic report was ample evidence that the ancient alchemist's formula for making gold could hardly have matched the accomplishment of free men in a free economy.
Not even a 116-day steel strike had chained the U.S. output of goods and services that 1) soared to a record annual rate of $482 billion at year's end, 2) gave 66.2 million workers the dizzying...
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