The Economy: Guessing Games on Taxes

The performance bristled with suspense. First, Louisiana's Democratic Congressman Hale Boggs hustled back to Washington after a conference at the L.B.J. ranch with word that the President might request a tax increase of as much as $15 billion. Lyndon Johnson dismissed the report, sniffing that "guesses will be made from time to time—that is a democratic privilege." Next, Gardner Ackley, chairman of the Council of Economic Advisers, flew down to Austin with a report as bright as the Texas sun: 1967, he said, should bring a "more balanced, moderate kind of growth," with fewer slowdowns or inflationary pressures. Did this...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!