Treasury Secretary Douglas Dillon, a Wall Street Republican seldom given to extravagant statements, breathed bullishly last week. Tax cut or no, he predicted to the House Ways and Means Committee, the U.S. gross national product will climb well beyond $600 billion in next year's first quarter, and the economy will keep on expanding through 1964's first half. Turning to the present, not the future, Dillon reckoned that in 1963's third quarter, corporate profits rose 11% from a year ago to an annual rate of $27 billion after taxes, close to the peak of $27.8 billion reached during the Korean war....
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