The Economy: Myths & Taxes

The standard economic indicators are far from alarming. Industrial production edged up in May. reaching a record high. Nonfarm employment increased by more than the normal seasonal advance, achieved a new peak for the month of May. The average factory work week lengthened to 40.5 hours, a figure not exceeded since booming 1955. All in all said Commerce Secretary Luther Hodges after reading off a batch of statistics, "business still looks awfully good.'' Nevertheless, the New Frontier was worried.

Even the most encouraging indicators still lacked the surge that the Administration had hoped for. And then there was the...

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