Despite Rhetoric, A Recession
ÛÏTHERE WILL BE NO recession in the United States of America,Û said President Nixon in his State of the Union address. An administration economist with whom I had been watching the speech, grimaced and covered his head: he had just been discoursing about the recession the nation faced.</br></br>ÛÏI have a new perfect advance indicator of recession,Û observed former Economic Council Chairman Arthur M.</br></br>President ^ Nixon checks economic report after signing it Friday. With him is Herbert Stein, Council of Economic Advisers chairman.</br></br>Okun, ÛÏand thatÛªs when Herb Stein starts splitting hairs about the definition. The last time he did this was in 1970.Û</br></br>The notion that the President could declare a recession out of bounds with the flick of his speec'hwriterÛªs wrist only added to the sense of unreality evoked by the whole address.