TIME'S BOARD OF ECONOMISTS: The Outlook: Higher Prices, Slower Growth

TIME's Board of Economists

A decade ago, when the U.S. economy seemed a more domesticated creature than it has of late, the nation's cost of living was considered excessive if it increased more than 2% during the course of an entire year. Last week, in a stunning sample of the inflationary explosion that has pounded away at prosperity this year, the Government calculated that living costs rose almost that much during August. At a time when the Nixon Administration's latest freeze was being lifted, it found retail prices shot up 1.9% above those...

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