The Economy: The Virtues of Penny Pinching

THE ECONOMY The Virtues of Penny Pinching

It was Washington's No. 1 topic last week, overpowering talk of Viet Nam, Charles de Gaulle and the Sino-Soviet split. Lyndon Johnson, who had hoped that the subject might vanish of its own accord, now found himself devoting an extraordinary amount of time to talking and thinking about it. "I remember," he told a convention of municipal officials at the Washington Hilton Hotel, "when you couldn't walk into any hostess's home without them saying, 'What do you think about McCarthy?' A month ago, it was 'What do...

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