The Economy: Keeping a Delicate Balance

"This month — May 1965 — marks the beginning of a new era in the economic annals of the U.S."

With these provocative opening words, the Council of Economic Advisers last week sent to the President a terse, 15-page report that hymned the progress of the economy as it proceeds through the 51st month of an expansion that began in February 1961.

"Never before in our peacetime his tory," said the report, "has our economy expanded continuously for more than 50 months." Not only that, added the council, but "there is every reason to expect a great many more months of good...

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