Word: product
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Dates: during 1960-1969
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...growing 5% in real terms, the U.S. experienced a sharper expansion than any other major nation. Even the most optimistic forecasts for 1965 turned out to be too low. The gross national product leaped from $628 billion to $672 billion?$14 billion more than the President's economists had expected. Among the other new records: auto production rose 22% , steel production 6% , capital spending 16% , personal income 7% and corporate profits 21%. Figuring that the U.S. had somehow discovered the secret of steady, stable, noninflationary growth, the leaders of many countries on both sides of the Iron Curtain openly tried...
...rising faster than production; wages are rising faster than prices; corporate profits are now rising faster than the stock market, even though the Dow-Jones average has jumped more than 400 points since mid-1962 and last week closed at an alltime high of 966. Businessmen plan in 1966 to increase capital spending 15% ; automakers and steelmakers expect to top this year's production records. Ackley and his colleagues anticipate that the gross national product will grow another 5% in real terms during 1966, to $715 billion?or perhaps more...
That legacy was the product of a man whose personality and ideas still surprise both his critics and his friends. Far from being a socialist left-winger, Keynes (pronounced canes) was a high-caste Establishment leader who disdained what he called "the boorish proletariat" and said: "For better or worse, I am a bourgeois economist." Keynes was suspicious of the power of unions, inveighed against the perils of inflation, praised the virtue of profits. "The engine which drives Enterprise," he wrote, "is not Thrift but Profit." He condemned the Marxists as being "illogical and so dull" and saw himself...
Hard Options. The final verdict on the economy will come from the Council of Economic Advisers when the budget is completed and the Treasury has estimated tax revenues. The gross national product, some $672 billion in 1965, is expected to be about $45 billion higher next year, so that the economy could comfortably absorb a few billions in extra federal spending-particularly in view of higher social security deductions that will take $5.5 billion out of immediate circulation...
...Short of that, some of Lyndon Johnson's advisers are toying with the possibility of higher income-tax withholding, which would remove spendable cash from private hands at once. Their estimate of the size of the U.S. economy for 1966 has grown and grown-from a gross national product of $710 billion to $715 billion to the present $720 billion-and so has their concern that the combination of military outlays added to heavy plant-and-equipment spending will place a temporary overstrain on the nation's ability to produce...