EVERYONE FINALLY AGREES that inflation is our number one problem. And many economists have concluded that though there are contributing factors such as deficit spending, the Fed's manipulation of the money supply and OPEC, the major cause of our runaway inflation is the falling productivity of the American worker.

Why this decrease of productivity? It is not, as you might suspect, because of obsolete plants or insatiable unions. No, it is a direct result of the sexual revolution and the moral decline of our nation. Think a moment. When did our inflation begin? It was in the Sixties at almost the exact moment of the start of the sexual revolution.

The conclusion is irrefutable. As always in economics, an answer only leads us to another question. Why did the sexual revolution cause worker productivity to decline? Not, I assure you, because people were fooling around on the job. What actually happened was that the sexual revolution gnawed away at what is the heart and sinew of the Puritan ethic and worker productivity: The Great American Unhappy Home.

The truth is that the greatest percentage of the world's work is done by unhappily married people -- those dedicated workers who flee to the office, factory or shop and put in 18-hour days, seven-day weeks and vacationless years in order to escape their intolerable home situations.

The sexual revolution changed all this.

Divorce became easy and lost its social stigma. Couples separated who previously would have stayed miserably together forever, their daily battles driving the husband to the peaceful haven of his work.

Each member of the separated couple found other more compatible companions, people with whom they wanted to spend evenings and weekends and vacations, people they wanted to meet for long lunches. Even when these sexually liberated "workers" were physically on the job they were constantly hanging on the phone making dates or sitting at their desks staring into space. Production plummeted.

Consider birth control and abortion. The role played by these two in destroying The Great American Unhappy Home cannot be overestimated. Many homes which with two children are a quiet, pleasant joy can become intolerable bedlam when occupied by a dozen bewildering offspring. The chaos and economic need of such households can turn the most lethargic of men into a dedicated and productive worker.

Children in such unhappy home situations often flee to early marriages, which in turn produce more dedicated and productive workers as their numerous children arrive.

Women's liberation, an insidious side-effect of the sexual revolution, was particularly damaging to the economy. Women who were unsuited to the role of housewife and mother went out of the home to work, thereby draining off a potent fuel of worker productivity: the nag. The wife who tries to satisfy her thwarted ambitions by manipulating her husband and wives who takes out her boredom and frustration at being stuck at home by starting to nag her husband the moment he steps through the door keeps him stepping through the door in the opposite direction -- straight back to the job.

Homosexuality: Before the national moral decline, homosexuals dared not admit their proclivities, and they often entered into marriages that brought exquisite woe to all concerned. They alleviated their pain and sublimated their unacceptable desires in a fanatic devotion to work. Now that the closet doors have been blasted open, sham marriages are no longer required; work is no longer the only possible outlet. The diminished productivity of homosexuals has had a severe impact upon the economy.

This is not to say that in pre-sexual revolution days there weren't some happy homes. There always were those few idyllic family units to provide us with impossible role models -- the people in "Father Knows Best" and "The Brady Bunch." But employers have always known that the bread-winner of such a family couldn't be counted on for overtime or trips out of town. He always wanted to rush home the minute the whistle blew to round up the family and shoot baskets in the driveway.

If you still doubt the truth of all this overwhelming evidence of moral decline as the primary cause of lowered productivity and runaway inflation, just look at the economic miracle in Japan. Japan has fired hardly a shot in the sexual revolution. Its divorce rate is less than a fifth of ours, and women's liberation has made scarcely a ripple on its Inland Sea. o

By Contrast, observe the economic chaos in Italy -- chaos that began at almost the instant divorce was made legal and the Italian people started pursuing la dolce vita.

America can become economically strong again, productivity can rise and the inflationary spiral can be nipped in the whorl. With the backing of the Moral Majority and an occasional assist from the Vatican, Mr. Reagan may well be able to return us to the halcyon days before the sexual revolution when we were all locked into a rigid family structure and good, honest work was our only pleasure. Once again America will occupy its preeminent world position. Once again we shall be renowned for our gross national product instead of our X-rated lives.