The Economy: Qualified Optimism

The U.S. economy, like any other mammoth organism, can continue to flourish only as long as its intelligence can direct its vast bulk and react to an ever-changing environment. The guidance system faltered in election year 1966, causing that rare paradox, inflation at a time of some business slow- down. Some of the problems have changed, but they remain serious enough in 1967 to pose the question: Can the nation sustain a seventh consecutive year of expanding prosperity? In his Economic Report and Budget Message to Congress last week, President Johnson answered with...

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