Time Essay: America's Capital Opportunity

As President Carter went up the mountain to Camp David last week, he could not have chosen a better moment to ponder the nation's future policies. The U.S. is at a decisive tipping point in its history. It is a time when the domestic policies decided on now will do much to determine whether the nation surges ahead during the 1980s—or enters a period of prolonged stagnation.

There is much to be said for the widely held thesis that the U.S. will be gripped by both stagnant growth and roaring inflation through the next...

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