Word: inflationitis
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Dates: during 1960-1969
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The U.S. economy is facing its most perplexing situation of the fabulous 1960s. Production, profits and personal income are at record highs and still rising. Yet last week the auto industry, at least temporarily, cut back production because of disappointing sales, and the stock market shuddered through its worst fall...
"The logical way to fight inflation is to put through a simple, clean-cut, across-the-board increase in taxes that would be both temporary and moderate."
In his protean efforts to quell inflation without raising taxes, Lyndon Johnson is getting no help at all from the Congress his party dominates. Indeed, Capitol Hill's prodigal mood can only intensify the pressure on an already overstrained economy.
What's Cooking. Inflation seems certain to continue, though at a slower rate. Last week the Labor Department reported that the consumer price index, which advanced 0.6 of a point in February, went up another 0.4 of a point in March, to a record 112% of the 1957-59...
Out from the Fringes. Farmland prices are jumping fastest on the fringes of cities, partly because speculators figure that population growth, low tax assessments on vacant land, and the growing net of federal highways will give them juicy profits. Also, inflation worries and stock-market jitters persuade some investors that...