The chapter explains that Kenneth Rogoff proclaimed Richard Nixon "the all-time hero of political business cycles." Using the accompanying table of data from the Economic Report of the President, explain why Nixon may have earned that title. (Note: Nixon entered office in January 1969 and was reelected in November 1972. He resigned in August 1974.)\ \\\\table[[Year,\\\\table[[Government],[receipts (billions],[of dollars)]],\\\\table[[Government spending (billions],[of dollars)]],\\\\table[[Government budget],[balance (billions of dollars)]],M1 growth,\\\\table[[M2],[growth]],\\\\table[[3-month],[Treasury bill],[rate]]],[1969,

$186.9

,

$183.6

,

$3.2

,

3.3%

,

3.7%

,

6.68%

The chapter explains that Kenneth Rogoff proclaimed Richard Nixon "the all-time hero of political business cycles." Using the accompanying table of data from the Economic Report of the President, explain why Nixon may have earned that title. (Note: Nixon entered office in January 1969 and was reelected in November 1972. He resigned in August 1974.) The data indicate that President Nixon