PHASE III: That Championship Season

As he put the finishing touches on his annual budget and economic messages to Congress, which will be delivered next week, Richard Nixon must have felt something like a coach enjoying his championship season. Behind him lay a period of successful stimulation that produced ever more ebullient reports on the economy's boom. Last week alone the Government estimated that the gross national product bounded ahead in the last quarter of 1972-for a "real" gain of 8½% at an annual rate, and Detroit automakers reported that they sold more new cars during the first ten days of January than during any...

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