The Economy: National Lubricant

Both the U.S. Government and people are deeper in debt than ever before in their history. Public and private net debt in the U.S. reached a record $883 billion in 1960, the Commerce Department reported last week. Yet for all the U.S. conservative's traditional preoccupation with the dangers of debt, news of the new record was received with monumental calm by that eminently conservative body, the U.S. Chamber of Commerce.

One reason for the Chamber's calm is its conclusion, reported in a 42-page analysis of U.S. debt, that in fundamental economic terms, "we do not appear to be more 'in debt'...

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