The Administration last week wheeled up its artillery, and uncertainly fired in the direction of that dangerously infiltrating enemy, inflation. The result: one clean miss; two potshots.
The miss was fired by Economic Stabilizer Eric Johnston. He approved a 6ยข-an-hour escalator clause raise for 1,000,000 non-operating union railroad workers (telegraphers, clerks, etc.), thus blowing a hole through the wage ceiling he had put on in February. Johnston argued that 1) there were special reasons for doing so in this case, and 2) other unions wouldn't be able to sneak through the same hole. But the same special reasons seemed to apply to...
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