The author supports President Carter’s inflation proposals except for the degree of harshness of the monetary restraints. He sees the tight money proposals as increasing the odds of a recession but doing little to reduce inflation. He contended that it was unfortunate that the response to the president’s program from the press and the financial community focused exclusively on the guidelines for wages and prices. Believing that the guidelines could have a positive impact, he also states that there were equally or more important policies and measures announced by the president concerning government spending, taxation, regulations, competition, productivity, and trade policies.