Word: inflationitis
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Dates: during 1960-1969
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In theory, the surtax is a fiscal mechanism, a key weapon in the fight against inflation. In practice-as two Presidents have discovered to their chagrin-Congress has found it a handy lever for forcing its fiscal views on the Chief Executive. Last year a House coalition compelled Lyndon Johnson...
Honeymoon's End. Knowledgeable bankers and brokers are less worried by any threat of controls than by a growing fear that inflation can be defeated only at the price of a recession. Corporate news has not been encouraging.
Consumers are gloomy, too. The University of Michigan's Survey Research Center found in its second-quarter study that an overwhelming 77% of consumers expect prices to rise as rapidly or even more rapidly in the next year as in the past twelve months. The Center found no confidence...
Testifying before the Senate Finance Committee last week, Treasury Secretary Kennedy defended the recent rise of the prime interest rate as a normal and necessary response to inflation. Said he: "We are paying for past sins."
Closer to Reality. There are many varieties of crawling-peg plans. Some would adjust exchange rates annually, some quarterly, some monthly. Other versions would make adjustments optional and not automatic-that is, at the discretion of each government. All advocates agree that it is essential to make the parity changes...