A Letter From The Publisher, Dec. 9, 1974

"With Watergate behind us," says Senior Editor George J. Church, "there's a new consensus that the economy is the big story." In recent months, Church's section, Economy and Business, has kept on top of the nation's wrenching downturn with major reports on the Administration's economic summits, President Ford's policies, and the angry militancy of miners and other organized workers. This week, as Americans hunker down into a recession Christmas, TIME'S cover story examines the likely depth and duration of the slump and its effects on people's lives. To gauge the human impact of...

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