Business: Seeking That Soft Landing

The trick is to keep a slowdown from becoming a slump

Overlaying the wrangle about tax policy is the growing debate on how, after more than three years of solid expansion, to guide the economy into a "soft landing"—to use the current Washington catch phrase. That is, how to shake the wind out of inflation without tipping the country back into recession. More signs of gathering trouble on the price front arrived with last week's reports. The cost of living jumped another .9% in May, which was as bad as the April rise and translates into an annual inflation rate of 11.4%....

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