Business: The Rising Attack on Nixonomics

THE only way to stop inflation, President Nixon's economists have tirelessly insisted, is to follow a deflationary policy that will produce a slowdown in business. They have now achieved the slowdown. Indeed, the U.S. may well be in the early stages of a recession —but inflation seems to be speeding up. In December, when industrial production fell for the fifth straight month and housing starts slumped to the lowest point in two years, the consumer price index jumped at an annual rate of 7.2%—its fastest advance since last June. Millions of Americans are...