THE ECONOMY: The Grey Settlement

The band struck up Happy Days Are Here Again at a United Steelworkers rally in Buffalo one day last week as silver-maned President David McDonald, a grin of victory on his face, slowly made his way toward the speaker's platform along an aisle jammed with jubilant steelworkers. Crowed McDonald from the platform: "Victory is yours!"

Just about everybody else, from newspaper pundits to steel industry magnates, agreed with Dave McDonald that the steel strike settlement worked out by Vice President Richard M. Nixon and Labor Secretary James P. Mitchell (TIME, Jan. 11)...

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