The Economy: Reaction: Favorable

Chances are better that inflation will slow down, that money will loosen, and taxes will not go up. The American people want to curb Government non-defense spending, and federal and local legislators will have to oblige them. While the recently passed Great Society programs will not be jettisoned, new programs will be viewed with a cooler eye. All that, in the opinion of U.S. businessmen, is the meaning of last week's election.

In terms of future economic legislation, business won and labor lost. A.F.L.-C.I.O. leaders lament that in the next session of Congress they will have no hopes of expanding...

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