Economic Policy After the 1979 Oil Shock

If the President and the press accurately reflect current opinion, we are about to make another in the long series of mistakes in economic policy that have produced high inflation, slow growth and low investment. The press interprets every statistic as support for its view that we are in a recession. The President, and the Congressional Budget Office, agree that we are on the verge of recession. The public guessing game has now shifted from whether and when the recession will strike to how long and how deep the recession will be.