Ford fallacy
We complained last week that President Ford had yet to present to his country and to the world a coherent economic strategy for his administration. He had now presented a twit' age of measures which, taken together, rePr: sent in action his view that the United States " threatened more by slump than by inflation. r,ei tax cuts which the President has proposed NO.,' help create much-needed liquidity in America' industry, and are to be welcomed in themselves; But it would be wrong to think that th; President's proposals, taken as a whole, constA'' tute that coherent strategy which is neede; Despite various hints and pronouncements it not clear what his government's public spendil programme is; and there will be many a tus515 with a doubting and even hostile Congres before it is hammered out. President Ford ncla,/e be convinced that it is more important to tael4.,' the threat of slump than the reality of inflatiePti' but he may well find inflation getting a griP 0.., him nonetheless. And inflation, rather thar slump, is the potential destroyer of America'
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