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-16- -
when you try to clamp a lid on a rising head of steam without turning down
the fire under the pot.
Wage and price controls only postpone a day of reckoning, and in SO
doing they rob every American of an important part of his freedom.
Nor do I intend to start using controls in disguise. By that I mean the
kind of policy whereby government sets guidelines for prices and wages.
That would mislead the public about the need for basic measures to
curb inflation; it would soon confront the government with the choice of
moving to open controls, or abandoning its guidelines, the way they had to
be abandoned a few years ago.
Certainly there are some people who get satisfaction out of seeing an
individual businessman or labor leader vilified. But we cannot protect the
value of the dollar by passing the buck. That sort of grandstanding distracts
attention from the real cause of inflation and can be a dangerous misuse
of the power of government.
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"ocrText": "-16- -\nwhen you try to clamp a lid on a rising head of steam without turning down\nthe fire under the pot.\nWage and price controls only postpone a day of reckoning, and in SO\ndoing they rob every American of an important part of his freedom.\nNor do I intend to start using controls in disguise. By that I mean the\nkind of policy whereby government sets guidelines for prices and wages.\nThat would mislead the public about the need for basic measures to\ncurb inflation; it would soon confront the government with the choice of\nmoving to open controls, or abandoning its guidelines, the way they had to\nbe abandoned a few years ago.\nCertainly there are some people who get satisfaction out of seeing an\nindividual businessman or labor leader vilified. But we cannot protect the\nvalue of the dollar by passing the buck. That sort of grandstanding distracts\nattention from the real cause of inflation and can be a dangerous misuse\nof the power of government."
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