The Economy: Upturn

Most economists, businessmen and congressional experts expressed only varying degrees of doubt last January when Gardner Ackley and the Council of Economic Advisers peered at their G.N.P. projections and predicted that the economy would heat up again so much by mid-1967 that a deflationary 6% surtax on personal and corporate income taxes would be necessary. At that time, with many economic indicators turning downward, there seemed to be little reason for such a forecast. Last week, however, Ackley & Co. had visible evidence to support their vision.

Policy & Performance. In recent weeks the indicators have been moving unmistakably upward....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!