Business: Nixon's New Worries About Recession

One trouble with the economic strategy practiced by Richard Nixon is that it makes awkward politics for his party. To the President and his advisers, it has seemed sensible to fight rising prices by deliberately stalling the economy, painful as that might be. To the Republican Congressmen and Senators who must stand for re-election in eight months—a necessity that does not confront the President—the political pain threatens to become excruciating. Unemployment is rising and has begun to hurt members of the Republicans' Silent Majority; corporations' profits have been crimped; and the jobless rate among construction workers, at 7.9%, is higher than...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!