The Economy: Strategies for Slowdown

"The immediate task in 1969 is to make a decisive step toward price stability. This will be only the beginning of the journey. We cannot hope to reach in a single year the goal that has eluded every industrial country for generations—that of combining high employment with stable prices."

With a mixture of prophecy and prescription, Lyndon Johnson last week summed up the chief economic challenge that he bequeaths to Richard Nixon. In his final economic report to Congress, he called for a strategy aimed at slowly reducing both inflation and the excessive boom in business. The principal ingredients are...

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