Lyndon Johnson actually said...

A recession today, like those of the 1950's, would mean a loss of $20 billion a year in production, a loss of 1 1/2 million jobs, a 40 percent rise in unemployment.

Context

Remarks in Atlantic City at the Convention of the United Steelworkers of America

09/21/1964

https://www.presidency.ucsb.edu...

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