The Economy: In the Grass

Virtually every leading economist—along with the business and banking communities and Government fiscal experts—believes that a general tax rise is mandatory if the U.S. is to escape what might be a runaway boom (see BUSINESS). The gross national product grew at a frenetic $20 billion pace during the first quarter, while consumer prices soared at the rate of at least 4% a year—faster than at any other period since the Korean War year of 1951.

With the experts and the figures so unequivocally in agreement, why is it that neither Congress nor the Administration can harmonize? "It's like a...