THE ECONOMY: Diagnosis & Prescription

The man who made the most sense about the U.S. economy last week was Vice President Nixon. He ignored, for the moment, the economic thermometers that showed the cost of living at a new high, and unemployment compensation at a new high, too. He gave the body-economic a couple of solid thumps and came up with his prescription: some belt-tightening around the soft underbelly of business and labor, a generous dosage of self-reliance, and a faith that the U.S. Government has no intention of letting a full-scale depression develop.

"We can state this categorically," said white-tied Richard Nixon to...

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