Whip inflation now
Encyclopedia
Whip Inflation Now was an attempt to spur a grassroots
movement to combat inflation
, by encouraging personal savings and disciplined spending habits in combination with public measures, urged by U.S. President Gerald Ford
. People who supported the mandatory and voluntary measures were encouraged to wear "WIN" buttons, perhaps in hope of evoking in peacetime the kind of solidarity and voluntarism symbolized by the V-campaign during World War II
.
The campaign began in earnest with the establishment by the 93rd Congress
, of the National Commission on Inflation, which Ford closed with an address to the American people, asking them to send him a list of ten inflation-reducing ideas. Ten days later, Ford declared inflation "public enemy number one" before Congress on October 8, 1974, in a speech entitled "Whip Inflation Now", announcing a series of proposals for public and private steps intended to directly affect supply and demand, in order to bring inflation under control. "WIN" buttons immediately became objects of ridicule; skeptics wore the buttons upside down, explaining that "NIM" stood for "No Immediate Miracles," or "Nonstop Inflation Merry-go-round," or "Need Immediate Money."
In his book The Age of Turbulence
, Alan Greenspan
as the Chairman of the Council of Economic Advisors recalled thinking "This is unbelievably stupid" when Whip Inflation Now was first presented to the White House
. According to historian Yanek Mieczkowski, the public campaign was never meant to be the centerpiece of the anti-inflation program.
Grassroots
A grassroots movement is one driven by the politics of a community. The term implies that the creation of the movement and the group supporting it are natural and spontaneous, highlighting the differences between this and a movement that is orchestrated by traditional power structures...
movement to combat inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
, by encouraging personal savings and disciplined spending habits in combination with public measures, urged by U.S. President Gerald Ford
Gerald Ford
Gerald Rudolph "Jerry" Ford, Jr. was the 38th President of the United States, serving from 1974 to 1977, and the 40th Vice President of the United States serving from 1973 to 1974...
. People who supported the mandatory and voluntary measures were encouraged to wear "WIN" buttons, perhaps in hope of evoking in peacetime the kind of solidarity and voluntarism symbolized by the V-campaign during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
.
The campaign began in earnest with the establishment by the 93rd Congress
93rd United States Congress
The Ninety-third United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, DC from January 3, 1973 to January 3, 1975, during the end of Richard...
, of the National Commission on Inflation, which Ford closed with an address to the American people, asking them to send him a list of ten inflation-reducing ideas. Ten days later, Ford declared inflation "public enemy number one" before Congress on October 8, 1974, in a speech entitled "Whip Inflation Now", announcing a series of proposals for public and private steps intended to directly affect supply and demand, in order to bring inflation under control. "WIN" buttons immediately became objects of ridicule; skeptics wore the buttons upside down, explaining that "NIM" stood for "No Immediate Miracles," or "Nonstop Inflation Merry-go-round," or "Need Immediate Money."
In his book The Age of Turbulence
The Age of Turbulence
The Age of Turbulence: Adventures in a New World is a 2007 memoir written by former Chairman of the Federal Reserve Alan Greenspan. Published on September 17, 2007, the book debuted at the top of the New York Times Best Seller list for hardcover nonfiction.-Overview:The first half of The Age of...
, Alan Greenspan
Alan Greenspan
Alan Greenspan is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor and provides consulting for firms through his company, Greenspan Associates LLC...
as the Chairman of the Council of Economic Advisors recalled thinking "This is unbelievably stupid" when Whip Inflation Now was first presented to the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
. According to historian Yanek Mieczkowski, the public campaign was never meant to be the centerpiece of the anti-inflation program.
External links
- "Whip Inflation Now" speech by Gerald Ford, Miller Center of Public Affairs. Includes transcript and video.
- WIN buttons (with picture of a WIN button) and Arthur Burns
- Whip Inflation Now