In past years, the annual report of the President's Council of Economic Advisers provided the first glimpse of an Administration's view of the economic road ahead. The report for 1976, out this week, mainly makes official what had been widely known to be the Government's expectations. It forecasts 6% to 6.5% growth in real gross national product, about 6% inflation, an average of 7.7% unemployment; all those figures are in line with predictions that private economists have been publicizing for months. More interesting, the report also predicts a slowing of this already modest recovery in 1977, and implies that the...
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