The slump has slipped, but it is still on the way
The Carter Administration's effort to ease the nation into a short and shallow business downturn in order to slow inflation increasingly resembles the attempts in 1916 by Russian noblemen to kill Rasputin: they fed Tsarina Alexandra's mystic poisoned teacakes and wine, then shot him three times, and finally had to drown him in St. Petersburg's icy Neva River. Despite record-high interest rates, the long awaited recession still refuses to materialize definitively.
Last week the Commerce Department reported that the nation's output of goods...
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