At year-end we bind the twenty-two Research Reports into a soft-cover volume as a compendium of our timely comments about important national and international economic events.  The first 4-page issue of each month usually contains two articles.  The second 8-page issue contains a lead article followed by substantial comment about current economic conditions in the United States.  These collected articles, table of contents, and annual index provide a coherent, critical review of the year’s economic and political developments.