The Economy: Looking Up All Over

Once again that modern miracle—the capitalist, citizen-controlled U.S. economy —confounded the doubters. Only a few months ago President Kennedy had uttered bleak warnings of recession. Academicians and government brain-trusters talked worriedly of "high-level stagnation." When the economy got bouncy late last year, they said it was only a "last gasp." Some gasp. As of last week, almost all indicators were still on the rise—and the surge had very little help from government.

Even the Kennedy Administration was beginning to feel a bit bullish, and Treasury Secretary Douglas Dillon expressed the official optimism. Said he in a Washington...

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