As the gross national product got its embarrassing face lift, another vital measure of the U.S. economy−the balance of payments−also put forward its best face in many months. In its transactions with the rest of the world, announced Treasury Secretary Henry H. Fowler, the U.S. in 1965's second quarter took in $132 million more than it sent abroad, the first quarterly surplus in nearly eight years.
Joe Fowler made clear that he considered the improvement temporary, and that the U.S. still has a balance-of-payments problem: "We don't take it as a sign that we have turned the corner from deficits...
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