Word: inflationitis
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Dates: during 1960-1969
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Fresh Pinch. As much as they pleased the Europeans, such reassurances were even more welcome to Americans, who have seen inflation ravenously and relentlessly eat into their real income. Inflation is reflected in price rises that reached an annual rate of 4.7% in December. It is particularly burdensome for the...
Breaking the Psychology. In trying to curtail inflation, the Nixon Administration hopes to decelerate the economy gradually, avoiding the kind of overzealous monetary restraint that helped bring on the last real recession in 1959-60 and contributed to Nixon's defeat by John F. Kennedy. The more immediate danger...
Changing that psychology is Washington's most difficult economic task ahead. Some consumers and businessmen continue to pay sky-high prices for goods in the self-fulfilling expectation that prices are destined to rise higher still. Investors switch their money out of fixed-yield bonds and into stocks, which...
The feeling that inflation is inevitable may finally be giving way to a touch of welcome uncertainty. In Paris last week, Federal Reserve Board Governor Andrew F. Brimmer predicted that the economy's real growth, which reached 5% last year, would slow to a rate of 3% or less...
What other policies? Beyond the classic tools of high taxes, tight money, steep interest rates and restraint on Government spending, the most direct way to fight inflation without increasing unemployment would be outright federal controls on wages and prices. Paul A. Samuelson of M.I.T., a liberal economist, says that controls...