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...many years has a Christmas season begun with so many tidings of spreading discomfort and lack of joy about the U.S. economy. Already racked by a devastating double-digit inflation, the nation is now also plunging deeper into a recession that seems sure to be the longest and could be the most severe since World War II. Consumers who a few weeks ago worried mostly about rising prices now fear for their jobs and incomes as well. For many Americans, the Yuletide will be a time of less elaborate meals, infrequent parties, fewer and cheaper presents...
...direct causes of that beating were easily stated, indeed inescapable: the public outrage over Watergate, Ford's pardon of Richard Nixon, double-digit inflation and worsening unemployment. These overriding issues coalesced to shape a generally sour mood on the part of voters that contributed either to the defeat of Republican incumbents or to the narrowness of many of their victories, whatever the quantity of purely local concerns...
...list of special-interest laws and regulations is still growing, despite howls from economists that they are serious contributors to double-digit inflation. Last week, for example, the Civil Aeronautics Board approved guidelines that would put a floor under fares charged by charter airlines on flights to Europe. Its action sets the stage for a possible 35% rate rise by 1975. A bill that is now in Senate-House conference and is expected to speed to the White House shortly would require that almost one-third of all oil imported into the U.S. be brought in aboard American-made ships...
INFLATION will continue steaming along at double-digit levels through the year's first quarter, then begin tapering to as low as 7% or 8% by year's end, as measured by the Consumer Price Index. A main reason will be economic slowdown in other countries, as well as a moderation in commodity prices. Robert R. Nathan, who heads an economic consulting firm in Washington, feels, however, that an effective controls program could reduce inflation by three or four percentage points from current levels. In the absence of tougher Government controls, Joseph A. Pechman of the Brookings Institution...
...evidence tends to support him. The main issue is double-digit inflation. Says one Midwestern G.O.P. leader: "There is no one alive who knows the answer to our economic problems, but the blame falls on Republican shoulders because...