The Economy: Fear of Overkill

THE ECONOMY

Candidate Richard Nixon promised last year "to halt the inflationary trend in our fiscal and monetary policies, to check the drift that defeats our purposes and steadily narrows our range of choices." Now that he has begun to move cautiously against the inflation that last month shaved another half-cent of value from the already shrunken consumer dollar, Nixon has found his range of choices narrowed by both economic factors and a strong-willed Congress.

The Administration last week offered Congress a three-point initial package to moderate the economy's pace. The plan would repeal the 7% investment credit for business expansion. It...

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