From every podium that politicians, economists and businessmen could find last week, the debate about the ailing U.S. economy raged on. Testifying before the Senate Finance Committee, Federal Reserve Board Chairman William McChesney Martin Jr. was asked the question on which almost all the arguments center: Should the government cut taxes? Replied Martin: "I would be opposed to a tax cut now." A tax cut would not only be fiscal mayhem, but would probably not be effective as a cure for the recession, which is really "a period of convalescence that is required...
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