There was little cheer as TIME'S Board of Economists met last week to analyze President Ford's proposals and assess prospects of the U.S. economy for the year ahead. All but one of the nine board members agreed without doubt that the nation is in recession, with little hope for recovery before late next year. Walter W. Heller of the University of Minnesota, a former chairman of the Council of Economic Advisers, went further than most, yet few disagreed with the thrust of his thinking: "We are driving this economy into very deep...
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