INFLATION: Voice of Experience

By last week inflation was no longer a future threat to the U.S., it was here. Since August 1939 (chosen by the Bureau of Labor Statistics as the index month for prices of 28 basic commodities) prices have risen steadily. After 23 months of piecemeal price control, the Administration and the House Banking & Currency Committee hacked out a tentative control bill. Last August the committee began hearings. After two weeks of desultory wrangling, the committeemen adjourned. The price index then had risen 50%.

Last week—a month later—the committee returned to its boggled bill, and found that the index had...

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