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Whipping Inflation—Then and Now

Whipping Inflation—Then and Now
President Joe Biden replies to questions from the media after delivering remarks on inflation and lower costs for working families in the South Court Auditorium at the White House in Washington on May 10, 2022. Yuri Gripas/Abaca Press/TNS
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In 1974, when the inflation rate was 11.04 percent, President Gerald Ford came up with a slogan: “Whip Inflation Now.” WIN buttons were manufactured by the millions and people were asked to wear them to demonstrate grassroots solidarity to combat the economic scourge. The campaign was later described by Martin Crutsinger in an Associated Press story titled “Ford’s WIN buttons remembered” as “one of the biggest government public relations blunders ever.”
Today the inflation rate is 8.5 percent, up from 7.9 percent in February and the largest year-over-year rise since 1982. The biggest difference, though, is in the price of goods. In 1974, gas prices averaged 53 cents a gallon and a gallon of milk cost $1.34. Who needs to be reminded of the soaring cost of these and other necessities today, even when adjusted in 2022 dollars?
Cal Thomas
Cal Thomas
Author
John Calvin Thomas has been a syndicated columnist, author, and radio commentator for more than 35 years. His latest book is “America's Expiration Date: The Fall of Empires and Superpowers and the Future of the United States.”
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