The U.S. economy at last seems unmistakably to be recovering from recession; many economists now think that an expected tapering off in business inventory cutting alone almost guarantees growth in U.S. output at an annual rate of about 7% for the rest of 1975. Nonetheless, the long road back to full prosperity contains many potential pitfalls, which were all too evident last week. President Ford finally produced a plan for gradual decontrol of oil prices that has a chance of passing Congress, but some threat remains of an abrupt jolt to the...
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