On the Right

New York, Dec. 20—The attention being given to the unemployment figure is the most concentrated since the approach, by Henry Aaron, to a new world record as a home run hitter. Every day, the figure inches up. And we are training ourselves to say that when it hits 7 per cent, a drastic change will occur in economic policy. At that point, the pundits are saying, we will reflate—giving to this operation precedence over curbing inflation.

Mr. Milton Friedman, the wise and learned economist, made recently a throwaway observation, to which I think insufficient attention has been paid. It is that for perhaps the first time the number of people in America who stand to be hurt by inflation greatly exceeds the number who stand to be hurt by anti-inflationary measures. That being so, it would appear that the majority would work their way on the minority. And that anti-inflationary measures would continue to prevail, over against inflationary measures. That is the political logic of the observation, but it is unsafe to predict that that which is politically logical is that which will happen.

About the Author

William F. Buckley Jr.

William F. Buckley Jr. founded National Review magazine in 1955.

New York, Dec. 20—The attention being given to the unemployment figure is the most concentrated since the approach, by Henry Aaron, to a new world record as a home run hitter. Every day, the figure inches up. And we are training ourselves to say that when it hits 7 per cent, a drastic change will occur in economic policy. At that point, the pundits are saying, we will reflate—giving to this operation precedence over curbing inflation.

Mr. Milton Friedman, the wise and learned economist, made recently a throwaway observation, to which I think insufficient attention has been paid. It is that for perhaps the first time the number of people in America who stand to be hurt by inflation greatly exceeds the number who stand to be hurt by anti-inflationary measures. That being so, it would appear that the majority would work their way on the minority. And that anti-inflationary measures would continue to prevail, over against inflationary measures. That is the political logic of the observation, but it is unsafe to predict that that which is politically logical is that which will happen.