THE big riddle of inflation is growing steadily more perplexing. The question is not whether, but when, the overexuberant economy will be brought under control again by tight money, higher taxes and a surplus in the federal budget. Last week Paul W. McCracken, chairman of the White House Council of Economic Advisers, admitted that a full year of tight money might be needed to slow price inflation. That would mean that the swift rise in the U.S. cost of living may not begin to slacken markedly until January. The date represents a considerable stretch in the Administration's former timetable for...
To continue reading:
or
Log-In
