PHASE II: Trouble on the Hoof

The Nixon Administration has suddenly been forced to consider making yet another fast economic about-face, this time in response to the rapidly rising price of meat. The Government had refused to impose strict price controls on raw agricultural products even during last year's freeze. Last week, though, the President's Cost of Living Council (COLC) got a warning that rising meat prices, especially of beef, could by themselves foil Nixon's desire to lower the inflation rate to 3% by year's end. The bearer of those bad tidings was C. Jackson Grayson, chairman of the Price Commission, who, in a memo,...

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