THE ECONOMY: Getting Out of Controls

When the Nixon Administration first imposed wage and price controls in August 1971 to damp down the fires of inflation, consumer prices were rising at a worrisome rate of 4% a year. Since then the controls have been loosened, tightened and loosened again as the nation went through Phases I through IV, not to mention Freezes I and II. After all the tinkering, prices are now rising at a 9% annual rate. Partly in view of that record, the Administration last week announced that it would ask Congress to allow almost all...

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