It has become almost fashionable in Washington to worry about the U.S. balance-of-payments deficit, that longstanding cause of the U.S. gold outflow. Economists frequently deplore it, businessmen point to it with alarm, and the Administration itself has put some of its best minds to work combating it. Thanks to all the fuss, the balance-of-payments problem may no longer be such a worry. Last week Treasury Under Secretary Robert V. Roosa told the House Banking and Currency Committee that the U.S.'s payments deficit in the second quarter of 1962 was very much smaller than in the first quarter, and that...
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