Treasury Secretary Henry Fowler has time and again warned that the inflationary perils of an "overheating" U.S. economy make the Johnson Administration's proposed 10% surtax urgently necessary—and, to buttress his case, he likes to point out that consumer prices have been increasing at an annual rate of 4%. But Martin Gainsbrugh, chief economist for the National Industrial Conference Board, makes a very different point. Noting that the Federal Reserve Board's index of factory, mine and utility production declined in January, Gainsbrugh said last week: "If you have slack in...
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