President Truman's new Economic Advisory Council began work today with the declaration that the country must not "get into a runaway boom."On January 24, 1947, Times readers saw this; Economists See No Major Slump [ahead of the current boom]. It was worried about inflation, not slow growth;
Financial and public economists agreed today at the annual forecasting session of the American Economic Association that the United States was in the midst of a very large and important inflation boom.
By December of 1947 the Times headline was Economist Warns of Post-War Boom. 'Business economist' H.B. Arthur is quoted saying "we are in a stage of the boom where vulnerability is great and where some of the sustaining forces are becoming increasingly precarious.'
Fear the boom!
No news of recession though. Sorry Menzie.