In the minds of President Ford and his hard-line economic advisers, Public Enemy No. 1 is still inflationnot recession. That will be clear from the federal budget cuts that the Administration is expected to urge on Congress this week. Amid evidence of an economy sliding swiftly into deep recession and forecasts that unemployment will top 7½% next year, Ford is still likely to ask for cuts of $4 billion to $5 billion, mostly in defense spending and social-welfare programs.
When he moved into the White House, Ford promised to get control of...
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