Business: Steady as She Goes

For a long period in his first Administration, President Nixon's economic policies were summed up in a phrase popularized by Treasury Secretary George Shultz: "Steady as she goes." The words implied a commitment to going along with old policies and resisting sharp or contentious change. There are no better words than those to describe the fiscal 1975 budget that Nixon sent to Congress this week.

Unlike the budget that he submitted a year ago, which set out to eliminate large chunks of Lyndon Johnson's Great Society programs, the new budget has no controversial decisions to kill or slash popular programs. Neither does...

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