The Economy: Does It Matter Who Wins the Election?

In State of the Union, the 1945-46 Pulitzer prizewinning play by Russel Grouse and Howard Lindsay, a woman newspaper publisher asks an old Republican political boss: "Is there any real difference between the Democratic Party and the Republican Party?" Cracks the pol: "All the difference in the world. They're in—and we're out!"

In economic policy, the differences can be much more pronounced than that. This year they loom particularly large because after the election, many crucial decisions will have to be made on tax reform, the fate of wage and price controls, the trade-off...

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