PHASED: The Buck Stopped There

Until now, the Pay Board and the Price Commission have not exactly acquired a reputation for firm gutsiness. While many wage and price increases have been properly trimmed, some embarrassingly large raises have been allowed to go through. Last week, however, both panels struck out against inflationary permissiveness.

Dean C. Jackson Grayson's Price Commission lowered the average yearly increase allowed large firms under its Term Limit Pricing rule from 2% to 1.8%. Grayson also properly chastised Agriculture Secretary Earl Butz, who had praised the present high meat prices before a cattlemen's group a few days earlier. Butz's speech was "damaging...

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