The Nation: Cheer Up

Do you look back on America the Beautiful with nostalgia? On the full-value dollar with an empty feeling in your wallet? Well, you shouldn't. To do so is to submit to "sentimentality, prejudice and myopia," according to Herbert Stein, 56, chairman of President Nixon's Council of Economic Advisers. Speaking before an audience of bankers, businessmen and educators in Richmond last week, Stein denounced critics of the President's new budget for their negative vibrations.

People were wasting their "tears" over cuts in various programs, he said. "The welfare state is not being liquidated," and unemployment, though a problem, occurs largely among the young,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!