The Economy: A Question of Stability

Because price and wage stability has been one of the chief ingredients of the current economic advance—now 54 months long—the Administration takes a dim view of anything that might endanger it. Lately the direction of prices and wages has become a cause for quiet concern in Washington. Last week Lyndon Johnson brought that concern into the open by attacking as "disastrous" a pending bill to give all federal workers a 4½% pay raise and demanding restraint from steel management and workers in their crucial bargaining (see THE NATION). Said the President: "There must be continued cost and price stability in...