Testimony of Alfred Kahn Before the Senate Budget Committee

by Alfred Kahn on March 9, 1979
by Alfred Kahn

Mr. Chairman, and members of the Committee, I welcome this opportunity to discuss our nation’s inflation
problem and the outlook for its resolution. I hardly need discuss with you in any detail the seriousness of the inflation from which we have been suffering 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 time — 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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