l-Told-You-So

Thrown in with the Middle East questions at the press conference was one that brought the President closer than in years to the edge of an I-told-you-so--and justifiably. The question: Now that the recession is receding, steel prices going up and federal budget deficits looming, did the President have any plans for dealing with the problem of inflation? Said he: "Well, strangely enough, you gentlemen, ladies and gentlemen, were hearing me talk about this problem of inflation a few months back, when everybody wanted to spend more money and to decrease taxes . . ." Dwight Eisenhower, economic conservative, added a warning.

"I think," he said, "that first of all, if we are going to remain a country without artificial controls, meaning that we are not going to try to go into a federally controlled economy, then labor and business must be careful about this whole problem of pushing wages each year above those rates that imply or show the increases in productivity. And business must make its profits of such a scale that where they can still continue to invest money they are not robbing the public. Because if they do, just as sure as you are a foot high, one day the American consumer is going to rebel. He is going to rebel in a big way, and there will be real trouble."

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