INFLATION: Small Weapons for the Two-Front War

After a dozen highly publicized "summit" meetings, innumerable agitated sessions with his official advisers and countless private talks with old friends, President Ford said that he was ready at last to "bite the bullet" on the economy. But the program that he presented last week to a nationally televised joint session of Congress was more balm than bite, and not a great deal of either.

The basic policy was essentially unchanged from that which Ford inherited from Richard Nixon last August—a federal budget with spending held at or below $300 billion and...

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