Despite a low moan now & then about a possible depression, U.S. business is feeling no pain. One of the best long-range indicators of what businessmen expect is their spending for new plants and equipment. In its current monthly bulletin, the Federal Reserve Bank of Philadelphia states that such expenditures are now running at a record annual rate of $16 billion, more than three times the annual average for the two decades preceding the war.

This staggering total actually means somewhat less than it seems when the effect of postwar price boosts is discounted (in 1939 dollars, it adds up...

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