One of the effects of inflation upon the thinking of Americans is that they are now prepared to accept a slower growth of the economy if that mean a halt to price increases.
This position is clear in the findings of a recent Harris Survey of 1.442 adults across the nation. When asked to choose between two economic scenarios:
Only 9 percent of Americans opted for an expanding economy offering increased income and a higher standard of living accompanied by rising inflation and periodic recessions.
By contrast, an overwhelming 81 percent preferred an economy with little growth, a slow but steady increase in standard of living and income, and little inflation and few recessions.
Americans have come to the conclusion that there is no way they can benefit during a period of high inflation. People are convinced the best they can expect is a slow but steady increase in their standard of living. And a large majority believes a key to taking the fire out of inflation is to deliberately slow economic growth.
Here are the major reasons persons favor a slower growth:
43 percent said inflation is out of hand, and there is no way a family can beat inflation by itself.
21 percent said the economy is expanding too fast, and there must be a much slower and steadier growth.
19 percent said a way must be found to have a more stable and secure economy.
11 percent said slower economic growth would be fairer all around.
10 percent said restraint on growth would mean a healthier environment, with less stress and strain and striving to keep up.
It is apparent from these results that the uncertainty of surging growth accompanied by rapidly escalating inflation and frequent recessions is viewed as an intolerable condition under which to live.