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Meany denounces inflation trade off and jobless cure
Washington AP President George Meany AFL CIO testified before Congress that inflation cannot be solved by creating a growing army of unemployed. He labeled price rises a profit inflation and warned current measures risk a sharp slowdown and higher unemployment. He criticized administration officials for endorsing a wage restraint path and rejected the notion of a fixed inflation unemployment trade off. He cited 1967 1968 banking profits as evidence of profit driven inflation.
MENTIONED IN THIS ARTICLE
Washington
George Meany
Aflcio
Congress
Meany
Senate House Economic Committee
Afl-Cio
Paul W. McCracken
President’s Council of Economic Advisers
Secretary of the Treasury
David M. Kennedy
Labor
George P. Shultz
Nixon
Aflcio Executive Council
Miami Beach
Fla
Federal Reserve System