Despite surging prosperity, the nation and the economy are drifting through soggy, somber summer doldrums. Inflation appears ready to bulge as soon as the price freeze is lifted. Food shortages loom, the possibility of recession builds, and the ailing dollar bumps from crisis to crisis overseas. Still, outright recession can be avoided in 1974 if the Nixon Administration can enforce a strong, credible anti-inflation policy to get out of the mess that its erratic management of the economy helped to create.
Last week, in a flurry of top-level economic policy meetings, the...
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