When Leon Henderson's wholesale price ceiling went into effect, the U.S. entered into a controlled economy which made the old NRA strait jacket look like a sport shirt. Next week the retail ceiling will follow; the strait jacket will be laced up.
To most U.S. citizens, control was a less terrible word than inflation. But up cropped a new word, which may come to be as terrible as either: subsidy. The Office of Price Administration, knowing that some businessmen could never make a profit under a suddenly imposed and rigidly enforced ceiling, planned to subsidize their losses. This would mean...
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