CREDIT: Swinging the Big Stick

As Harvard Dean John Dunlop was being sworn in as director of the Cost of Living Council last week, President Nixon pointed to a closet door in his Oval Office. "There's a stick in the closet, a very big stick," he said, "and I will never hesitate to use it in our fight against higher prices and higher taxes."

With that threat of action against wage and price raisers, Nixon was trying to calm fears that his month-old Phase III is a retreat from the fight against inflation. To help make the point, two of the most powerful men in Government...

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