The Economy: Lauding & Lamenting


Particularly in an election year, any politically alert Administration is certain to laud its own accomplishments and, in hope that voters will find them irresistible, lament all the things that remain undone. In this sense, the Johnson Administration is certainly politically alert—as evidenced by its Economic Report sent to Congress this week.

In that report the President looked back in perspective, taking the start of the Kennedy Administration as his base point. During that period, he said, the gross national product rose from about $500 billion early in 1961 and passed the $600 billion mark, for the first time, at...

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