THE ECONOMY: Half a Trillion

A backwoods preacher once explained his homiletic methods thus: "Ah tells 'em what Ah's gwan to tell 'em. Then Ah tells 'em what Ah done told 'em." The Eisenhower Administration has used a roughly equivalent brand of economic preaching, and last week, in his annual Economic Report, the President told how well it had worked in stemming last year's "contraction" (i.e.,mild recession).

A year ago, Ike's Economic Report made it clear that his Administration was on top of the incipient recession, and predicted that it would end before the year was out. The Government was cutting taxes, easing credit, and holding...

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