Still in Bed

Into President Truman's offices one day last week went his three-man Council of Economic Advisers, to give him their report on the U.S. economy. Tall, gaunt old Chairman Edwin G. Nourse adjusted his pince-nez, cleared his throat, and informed the President that the U.S. was still in "a healthy state of disinflation." It had not "fallen out of bed."

Was Chairman Nourse dozing a bit himself? Most Government economists and almost all businessmen had been banking on a strong spring upturn to check the recession. So far, no sizable upturn had come. Instead, production in April (as measured by the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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