The mellow voice of Price Administrator Ellis Arnall rose tremulously as he discussed the inflationary effects of the steel price increase. It will "set off another round of inflation," said Arnall, and add $100 a year to the average family's budget. The echo of Arnall's tones had hardly died when his boss, Economic Stabilizer Roger L. Putnam, flatly contradicted him. There had been a "lot of talk" about steel setting off a round of inflation, Putnam said evenly, and it just isn't so. Although big steel had held "a loaded gun" at the Government's head to get the...

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