The current economic expansion is stronger than even the optimists have thought, and the U.S. is more prosperous than anyone has believed.
These facts emerged last week when an embarrassed U.S. Government admitted that its statistics have understated the size and strength of the economy by billions of dollars. In the first major revision in seven years, the Government restored those billions to the gross national product, that vital measure of all the goods and services produced in the nation. The economy has actually been expanding at an annual rate of 4.3% since 1960, said the Commerce Department, and not at...
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