"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...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!