Public Enemy #1
Inflation is caused by government expanding the money supply to support deficit spending. As the supply of money increases relative to an economy’s tangible assets, the savings of those who produce lose value and prices rise.
From the early 1950s onward, U.S. inflation rarely topped 3%, but by 1974 it had soared to 12.3%. Oil prices increased by 252%, food prices rose by 25% and the Dow Jones Industrial Average dropped by nearly half. Investors in long-dated US bonds lost 24%.
Citing inflation as “public enemy number one”, President Gerald Ford warned it would “destroy our country, our homes, our liberties, our property, and finally our national pride” in a now-historic 1974 speech entitled Whip Inflation Now.
Suitable for framing, authentic 38-year-old Time is shipped with color facsimile of President Ford’s signed letter on White House stationary.