J: On January 17 the Board of Governors of the Federal Reserve System told us that total industrial production in the US hit a record level of 107.5 (2012=100) in December. This index is one of our oldest economic indicators. The chart shows the 98-year history of the index. Despite the 17 recessions shown in the chart, the long-run trend is clearly very positive. Industrial production today is more than ten times greater than it was during World War II and more than five