Time Essay: Ten Ways to Cut Inflation

The most distressing thing about last week's news that consumer prices swelled at a 7.4% annual rate in February was that Washington's policymakers were relieved. They had expected the rise to be worse. Indeed, many of them take high inflation for granted, which is the first step toward giving up the fight. They forget too easily that not too long ago 3% inflation was considered to be steep, 4% dangerous, 5% intolerable. Now experts chorus that the U.S. has an "underlying" inflation rate of at least 6%—intractable, indomitable, unassailable.

In fact, the inflation rate can—and must—be brought down. There is no mystery...

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