The Economy: From Freeze to Controlled Thaw

AFTER a last-minute flood of economic directives ironically reminiscent of the New Deal, the nation finally enters Phase II of President Nixon's economic program this week. The new rules, which could govern American wages and prices at least until next Election Day, poured out of the President's Pay Board and Price Commission almost until the hour of Phase II's arrival at 12:01 a.m. on Sunday. Even so, having endured a sudden and all but total three-month freeze, the economy has moved into a new climate of controlled thaw.

Phase II's outlines did not lack for critics or doubters. Labor leaders were angered...

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