In formulating the United States economic program for 1978 and 1979, the Carter administration was confronted not with stagnation or slump, but with a recovery of remarkable vitality. Blumenthal discusses the themes of President Carter‘s economic program: fiscal restraint, private sector leadership, and a disciplined devotion to the general interest in fiscal affairs and especially in the tax system. This economic program was constructed on the firm foundation of sound advice received from the business community in the last six months. It is largely up to the private sector whether this strategy succeeds.