"Business," laconic Cal Coolidge once remarked, "will either be better or worse." In Washington last week, a divergence of opinion about the state of the U.S. economy presented the nation with an equally Delphic appraisal. Said one top Government economist: "The danger of inflation has passed and the nation is in a phase of healthy economic readjustment." Federal Reserve Board Chairman William McChesney Martin Jr. disagreed. Testifying before the Senate Finance Committee, he insisted that inflation is the most critical economic problem facing the country, and that a rolling business adjustment is needed to avoid serious deflation. Said...
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