Menk talks about inflation in the United States. Its chief cause was excess demand created by error in monetary and fiscal policies, unwise agricultural policies, and the successful Arab cartelization of petroleum output. The best way to deal with it is to increase productivity, not to restrict it. Businesses and industries should support and supplement the government's anti-inflation fiscal policies by increasing output and stressing higher productivity. United States coal could be used to supply us with decades of energy, which would greatly reduce our dependence on the Middle East. Most importantly, Menk points out that it is necessary for government and business to work together to solve our current economic problems.
- Hoover ID: Program 19741206
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