U.S. Productivity Report Proves Surprisingly Strong

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In the few weeks since his election, Bill Clinton has made it clear that he plans to put the economy at the top of the new administration's agenda. An Economic Security Council will share equal billing with the National Security Council. And to get the ball rolling, Clinton has called a "working" economic summit of business, labor, academic and government leaders.

I applaud Clinton's running start. A lot needs to be done to cope not only with the lingering recession, but also with the more important, long-range task of preparing to compete in the 21st century. But I do fear that Clinton and his activist advisers may reach for a panic button that need not be …