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President's Handwriting, September 1970 [2 of 4]

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THE CHAIRMAN OF THE COUNCIL OF ECONOMIC ADVISERS WASHINGTON September 8, 1970 MEMORANDUM FOR THE PRESIDENT The enclosed report is an attempt to appraise the state of the economy at this date. Its conclusions are summarized in the first two-and a - half pages. They may be further summarized in two sentences as follows: 1. Contrary to earlier fears and skepticism, evidence is accumulating that the economy can slow down enough to reduce inflation significantly without falling into a tailspin. 2. We now move on to the question whether the prospective revival will proceed at a satisfactory rate without speeding up the inflation once more. Herbert Stein Acting Chairman Enclosure Jonn undertable spool a for any & Time who will or ability the study - to Light

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