The Economy: Time to Step on the Brakes?

While Lyndon Johnson keeps insisting that the U.S. can fight the Viet Nam war without sacrificing anything substantial on the home front, U.S. economists both in and out of Government continue to be agitated by fear of inflation.

Within the context of that fear, even good news can sound bad. Labor Secretary Willard Wirtz proudly announced some statistics: last month, for the first time in nine years, U.S. unemployment fell to 4% ; by year's end said Wirtz, the figure ought to reach 3.5%, and driving it even lower should be "a first-priority national objective." Although nobody favors unemployment, there...

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