Every economic forecast is in part a political forecast−but when a new Administration is about to take power in Washington, politics becomes absolutely dominant. For the past eight years, Republican policymakers under Presidents Nixon and Ford have tried everything they could think of−from laissez-faire to wage-price controls−to grapple with the problems of production, prices and jobs. The results, as the Republican era ends, are decidedly mixed. After starting 1976 on a strong recovery from the worst recession since the 1930s, the U.S. economy is now faltering. True enough, a record 88.1...
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