The Economy: The Happy Tune

Whenever I feel afraid

I hold my head erect

And whistle a happy tune,

So no one will suspect I'm afraid.

The New Frontier last week sounded like something from The King and I. Although the stock market's industrial average had plunged by more than 100 points since December and caused visible consternation among investors and businessmen, everyone in the Administration, from President Kennedy on down, seemed to be whistling a happy tune.

"Every indication that we have," said Kennedy at his news conference, "indicates that this is going to be a record year in profits,...

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