"I don't think there is a single sacred cow you haven't kicked," said Illinois' Democratic Senator Paul Douglas to Harvard Professor Sumner H. Slichter last week. Belligerent, grey-haired Economist Slichter's cow-kicking had thoroughly be-dazed Douglas' Joint Congressional Economic Committee at the start of its large-scale inquiry into how to achieve economic growth without inflation.

Committee Democrats squirmed at Slichter's blunt insistence that the main cause of present-day creeping inflation is labor-union pressure for wage increases. Republicans winced at his equally blunt plea for a $3 billion deficit in the fiscal year ahead to stimulate the economy and shrink unemployment. Trying...

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!