The Economy: Exploring the New Economic World

Patrick Trainer, aged ten, thought that it was time for an increase in his weekly allowance of $1. But when he finally got up enough courage to ask for $1.50 last week, his father Thomas, a suburban Philadelphia photographer, pointed out that under President Nixon's new program all wages were frozen—even allowances. Dissatisfied with the answer, young Patrick wrote to a local newspaper, which carried his problem to the men at the Office of Emergency Preparedness. Their ruling: allowances can be raised "only if the receiver s...

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