POLICY: Anniversary Report Card

One year ago last week, President Nixon jolted the world by announcing a nearly total reversal in U.S. economic policy. He aimed to put three enormously complex problems on the road to solution before Election Day. Here is a capsule report card on his New Economic Policy in each area:

SLOWING INFLATION. The latest consumer price index was 2.9% higher than a year earlier, and the increase is decelerating to an annual rate that should be closer to 2.5% by year's end. But food prices have gone up at a much faster 3.2%. Weekly earnings are up 6.1 % and,...

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