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(Archived document, may contain errors) 67 October 25, 1978 AN ANALYSIS OF THE CARTER ANTI-INFLA TION PROGRAM THE ISSUE One of the few sounds that has been heard above the rumble of rising prices is the angry cry for an inflation policy. The past redistribution of wealth and the promise of future income distortions have prompted a unanimous and relentless clamor for action. President Carter's responseto the call was presented October 24, 1978, in the form of voluntary wage and price controls and government restraint.
During my time in the Carter administration White House on the Council of Economic Advisers (CEA), the U.S. was coming out of the Nixon-era wage and price controls.
President Nixon put in these controls in 1971 primarily for political reasons as opposed to reasons based on sound economic theory.
Talk of inflation has dominated the news cycle for many months, and for good reason especially domestically. Inflation is higher than it has been in recent memory and just hit a 40-year high of.