STATE OF BUSINESS: Propaganda v. Fact

Against the dire predictions of the pundits, domestic and European, U.S. business is winding up another banner year. In that happy situation, while the doomsayers began to talk ominously of the future, the U.S.S.R.'s propagandists ran off new and louder recordings of an old theme and broadcast them to the world. From Moscow last week:

IZVESTIA: The arms drive has seriously impoverished the popular masses and in the final analysis has established the conditions for a further contraction in the United States' internal market.

The Federal Reserve Board reported last week that U.S....