Business: A Surprisingly Good Year

The U.S. economy in 1963 showed a vitality that hardly anyone had looked for when the year began. The year opened with gloomy forecasts of a downturn—but the downturn never came. It resounded to calls for a tax cut to prevent a downturn—but did well without the cut. These two phantoms provided most of the year's rhetoric and drama in business, but the real economic news of 1963 was made quietly and without flamboyance. Though a lot of worry was expended on it, the U.S. economy produced a year of good, steady growth and,...

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