Word: inflationitis
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Dates: during 1960-1969
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The Administration's economists admit that they are practicing brinksmanship. Anything more severe than a mild or brief recession would damage Republican chances of winning more Senate and House seats in next November's election. It will avail Nixon little politically to blame inflation on the Johnson Administration, even though...
In dealing with the reality of inflation and the possibility of recession, Nixon so far has shown a deep reluctance to intervene in the private economy. He has rejected price guidelines, personal pressures on business and labor leaders, and outright controls. His policy coincides with Friedman's fundamental ideology?a...
Today's stubborn inflation, according to Friedman and his adherents, has been greatly magnified by Federal Reserve Board mistakes. From April 1965 to April 1966, the money supply expanded at an abnormally high 9½%-per-year rate, even though inflation was on the rise. Too late, says Friedman, the board...
INFLATION. Friedman challenges the popular theory that full employment and price stability are incompatible. "The belief, like most of those propositions that get widely accepted, is a half-truth," he argues. The two goals conflict over brief periods when an economy is shifting from one rate of inflation to another...
That reassuring thesis may be difficult for some inflation fighters to accept, because 1969 has been such a frustrating year. Repeatedly, Administration leaders have announced that, as Nixon said on Oct. 17, "we are on the road to recovery from runaway prices." Paul McCracken's original year-end deadline for...