The President's Program

The big new factor in the economy is the President's program« The new program involves enormous changes, including tax incentives for investment, tax cuts for individuals, budget reductions, wage and price controls, a floating dollar, and an import surcharge. The whole adds up to a very stimulative package in an economy that, despite press comments to the contrary, was well on its way to recovery from the very mild recession of 1970. The economy did not require as much additional stimulus as it has received and it is hard to see much relief from inflation in the total package.