Word: inflationitis
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Dates: during 1960-1969
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Chairman William McChesney Martin of the Federal Reserve Board warned that without the surtax "we cannot succeed" in slowly controlling today's "critically serious" inflation. Sitting at his side, Treasury Secretary David M. Kennedy* declared: "The problem is much more difficult than I realized. We can't let...
Inflation is to the economy what pollution is to the environment-a corrosive force that unbalances everything. Though 16% of the nation's plant capacity stands idle, businessmen have been expanding their factories at a record rate, buying machines and materials now to beat further price rises and economize...
Inflation has damaged the quality of life in the U.S., particularly in cities, and is cutting into the social fabric. Companies find it increasingly difficult to lure employees from field offices to head quarters cities where prices are highest, particularly in New York and Chicago. Lofty interest rates and fast...
The Federal Reserve compounded the difficulties by unwisely permitting the money supply to grow much too fast, partly because it had to supply funds to finance the Government debt. Last summer the board's governors rroneously concluded that the surcharge might jolt the economy into recession. The board then...
How long before inflation will be stopped? Changes in monetary policy usually take six months to a year to be felt through the entire economy. Since the money supply was tightened only six months ago, White House Economist McCracken figures that the U.S. is now going through the "awkward months...