"Out of Ideas" Candor on prices and policy
Despite a broad consensus among non-Government economists that prices will rise by at least 8% this year, Jimmy Carter and his chief aides have insisted that the inflation rate could be held to 7.4%. Now one Administration member has dared to discuss reality out loud. Testifying before the Senate appropriations subcommittee, Treasury Secretary Michael Blumenthal said that the rate of price rises in 1979 will be "at least 8% to 8.5%" and maybe "slightly higher."
Blumenthal's forecast was not gloomy. Late in the week, the Business...
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