Abstract
The freeze slowed down the rate of inflation dramatically.... More than a decade of balance-of-payments deficits had built up an overhang of obligations and distrust which no longer left time for the gradual methods of correction which had been tried earlier.... The freeze was a great testimonial to the public spirit of the American people.... The operation of the new control system of an economy without inflationary pressure of demand holds out great promise of sharply reducing the inflation rate.... We have imposed price and wage controls to assure that the expansion of demand does not run to waste in more inflation but generates real output and real employment.... We will persevere until the goal is reached, but we will not keep the controls one day longer than necessary.
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