If the chief political argument of the year concerns defense and the budget, the chief economic argument is about inflation. Last week, echoing his stern budget-message warning, President Eisenhower set up a special Cabinet committee to study the extent to which inflation is heightened by Government spending and federal activities.
The news last week was that price levels are holding steady (see NATIONAL AFFAIRS). But the real measure of inflation's dangers lies in what the U.S. may expect over the long trend.
"Normal" Inflation. In arguments, most speechmakers fail to distinguish between runaway inflation of the sort that swept Germany after World War...
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