The equally dangerous threat of inflation is building. Consumer prices reflecting the drought and last winter's cold weather have been going up at an annual rate of about 10 percent in the last 3 months, and the basic inflation rate, under everything else, has been running 6 or 6 1/2 percent. These inflation figures are too high for comfort. And as you know, also, inflation falls most heavily on people with modest means and people who've worked all their lives for a little security and who then find that security threatened. Inflation robs us of our confidence in the future. However, it's interesting to point out, at the recent London summit conference, the single issue of most concern to the seven heads of state assembled there was unemployment among young people. In the ideological struggle with the Eastern Socialist and Communist countries, this is our one major vulnerability. We have got to provide in our country an economic system that's healthy enough and an education system that's competent enough so that when our young people reach the age of 18 or 19 years old, they can find a way to use the talent and ability and opportunities that God gave them and not enter adult life discouraged and excluded from society. This ought to be number one in all our efforts in the future. Experience has shown us and all economists that we must attack inflation and unemployment together.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "The equally dangerous threat of inflation is building. Consumer prices reflecting the drought and last winter's cold weather have been going up at an annual rate of about 10 percent in the last 3 months, and the basic inflation rate, under everything else, has been running 6 or 6 1/2 percent. These inflation figures are too high for comfort. And as you know, also, inflation falls most heavily on people with modest means and people who've worked all their lives for a little security and who then find that security threatened. Inflation robs us of our confidence in the future. However, it's interesting to point out, at the recent London summit conference, the single issue of most concern to the seven heads of state assembled there was unemployment among young people. In the ideological struggle with the Eastern Socialist and Communist countries, this is our one major vulnerability. We have got to provide in our country an economic system that's healthy enough and an education system that's competent enough so that when our young people reach the age of 18 or 19 years old, they can find a way to use the talent and ability and opportunities that God gave them and not enter adult life discouraged and excluded from society. This ought to be number one in all our efforts in the future. Experience has shown us and all economists that we must attack inflation and unemployment together." in the context of "" to mean that wisdom is timeless.