Testimony of Alfred Kahn Before the House Committee on the Budget

by Alfred Kahn on January 30, 1979
by Alfred Kahn

Mr. Chairman and members of the Committee, I’m delighted to be here this morning to discuss the President’s
anti-inflation program with you, for the very simple but compelling reason that bringing inflation under control is
the most important domestic challenge we face in the coming year. We have been suffering from this scourge for at
least ten years. We have had two induced recessions and one fling at mandatory wage and price controls to try to stop it. None of them worked. For ten years the rate of price increase has fluctuated around 6% — much higher than that for short periods, only slightly below for any extended period of timeĀ  even though we threw millions of people out of work
during the recessions and once put on the straightjacket of mandatory controls, which generated such vexations, distortions and inefficiencies that we finally threw it off.

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