THE FUTURE: Some Hope Amid a Decline

The Administration offered its mildly optimistic vision of the future last week in two key documents—the budget and the yearly forecast by the President's Council of Economic Advisers. The CEA 's official view is that the economy is now in decline and that the U.S. will produce less in the first quarter of 1974 than in the final quarter of last year. But, fairly soon, things will get better and the nation will avoid a recession. By spring the economy will start to pick up. By midsummer inflation will slow. By year's end the economy mil again be expanding...

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