THE ECONOMY: Close to the Bottom?

"My own feeling," said the President of the U.S. at his press conference, "is that we are going through the worst of it right now." Many signs, he told the newsmen last week, indicated that the "bottom" of the recession "is certainly close, or possibly even now reached." Sticking to the position he has taken all along, the President said that he would recommend tax cuts if they seemed "desirable," but that, with federal spending headed upward, "this is not something to do lightly."

A few days later the Labor Department backed up...

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