A Letter From The Publisher, Feb. 17, 1975

No meeting of TIME's Board of Economists has surveyed so bleak an economic horizon as that confronting our experts last week. While the economists jetted to Manhattan from St. Louis, Chicago, Minneapolis and Washington, President Ford's budget and the grim economic message accompanying it were being released to Congress and the press. Ford's predictions of continuing high inflation, falling production and three years of at least 7% unemployment amply fulfilled Board members' December forecast of the worst slump since the 1940s. Not surprisingly, the Administration's economy and energy policies stirred a sharp and...

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