THE NEW INFLATION: Has the U.S. Learned Its Lesson?

IN Washington and Wall Street, the big worry is the galloping ghost of inflation, returning to haunt the U.S. economy even as it comes up out of recession. Said Chairman Raymond Saulnier of the President's Council of Economic Advisers last week: "Inflation is the problem now." But the U.S. could be thankful that inflation is not a far bigger problem—as it surely would be if the clamor for stronger antirecession measures had been heeded.

Only six months ago, the cry was that the Government was doing too little too late to cure the...

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