INFLATION: Who Holds the Gap

The U.S. Department of Commerce last week estimated that the national in come in the second quarter of this year was at the annual rate of $146 billion, 19% above the third quarter of 1942, just before the Economic Stabilization Board began to wage all-out war on inflation.

That figure is $36.6 billion more than the total amount of goods, services and taxes which U.S. citizens and corporations were able—or forced—to buy and pay for, v. a $28.7 billion difference last September. Thus the "inflationary gap" (up 27%) widened at a faster...

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