The Economy: A Creeping Paralysis

In Paris and Peoria, in Frankfurt and Fresno, the question hovers: has the unfolding Watergate scandal so monopolized the attention of the Nixon Administration that it has ceased to function effectively? The doubts have been most urgent in the field of economics, and there the answer is at least faintly reassuring. The Administration does seem to have pulled itself together sufficiently to shape a new anti-inflation policy. In other areas, the answer is less heartening.

On the day-to-day level, the federal bureaucracy rolls on as before: collecting taxes, mailing social security checks and performing the myriad other housekeeping tasks of Government. But...

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