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...

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