Inflation, as a topic if not a reality, was on just about everyone's mind and tongue last week. Treasury Secretary Henry Fowler saw "disturbing signs," while Commerce Secretary John Connor and Labor Secretary Willard Wirtz had words of reassurance. Lyndon Johnson asked his top economic advisers to come to the Texas ranch soon to talk about the economy, but his aides insisted that he was not really worried.
There is certainly some reason for concern about inflation. The economy is humming along at only 2% (or $15 billion) away from what the President's Council of Economic Advisers considers its full...
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