The Economy: Looking for the Whites Of the Enemy's Eyes

At an interesting watershed for the much manipulated U.S. economy, two of the nation's most prestigious economic voices last week prescribed the same course—for widely differing reasons. Gardner Ackley, chairman of the White House Council of Economic Advisers, and William McChesney Martin, chairman of the Federal Reserve Board, renewed the call for a tax increase to fend off inflation.

Ackley, testifying before the Congressional Joint Economic Committee, conceded that the economy in the first half of 1967 had performed "more sluggishly than we anticipated" and "is not advancing too rapidly today." Still, he forecast a hot second half. Said he:...

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