The Economy: Excellent, Buoyant & Ebullient

Asked about the present and foreseeable future of the U.S. economy, Chicago Banker Tilford C. Gaines was exultant. "The only words I can use," he said, "are 'excellent,' 'buoyant' and 'ebullient.' " Asked to write a pair of memos to Lyndon Johnson on the state of the economy, Gardner Ackley, chairman of the President's Council of Economic Advisers, had trouble finding any dark spots, replied mostly in superlatives:

> For the first quarter of 1965, the gross national product was up by $14.5 billion over the last quarter of 1964. This was one of the biggest quarterly gains in...

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