PRESIDENT NIXON changed his economic policy in two important ways last week. First, in a shift toward an expansionist policy, he gave a tax break to businessmen by allowing them to depreciate their plant and machinery faster. More surprising, the President, who has generally resisted personal intervention against either soaring wages or prices, swung toward greater activism by publicly condemning a sharp rise in steel prices and threatening to retaliate. The showdown fired emotions on both sides, not only because steel is big and basic but also because, in a celebrated confrontation in 1962, John F. Kennedy denounced the steelmen after...
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