April 29, 1974
Page 12218
Mr. HUMPHREY. Mr. President, Dr. Heller has outlined for us the dangers in what he calls "the Untimely Flight from Controls."
He properly notes that Congress and the White House are taking undue risks if they rely entirely on market forces to achieve a leveling off of inflation and to bring about price moderation.
Dr. Heller goes on to recommend an action program which includes: First, a quick and simple extension of the standby powers of the Economic Stabilization Act; second, granting of the authority requested by Dr. John Dunlop for the transitional period; and third, the establishment of a monitoring agency – preferably by statute and equipped with last-resort suspension and rollback powers, much of which is included in the bill before us.
I would hope that Members of Congress would heed the advice given by this distinguished economist. It makes good sense.
Mr. President, I would hope that the Senate will have the courage and the foresight to pass this amendment.
Mr. MUSKIE. Mr. President, I have listened with great interest and appreciation to the analysis of the problem and the rationale for supporting the amendment which has just been given by the distinguished Senator from Minnesota (Mr. HUMPHREY).
As always, he brings to a subject which he feels deeply, great eloquence and the ability to articulate commonsense. His presentation is almost as good as the one he made at the Democratic Caucus, when he was not quite so restrained or inhibited, which he has uncharacteristically been this afternoon.
But I appreciate his statement. He and I, as cosponsors of this legislation, are fighting an uphill fight. But it is a worthy one. His support for this legislation is a great reassurance to all of us,
and I want to express to him my appreciation.
Mr. HUMPHREY. Mr. President, I want to thank the distinguished Senator from Maine and to commend him, and the distinguished Senator from Louisiana (Mr. JOHNSTON) and the distinguished Senator from Illinois (Mr. STEVENSON) and others who have taken a real lead here. I believe very strongly that what they are doing is necessary, even if it may be painful and at times uncomfortable.
Mr. JOHNSTON. I should like to add to the kudos of my colleague from Maine and say my only regret with respect to the remarks of the distinguished Senator from Minnesota (Mr. HUMPHREY) is that more Senators could not have heard it because I daresay, if the Senate as a whole heard that speech, this bill would pass overwhelmingly. I hope it does. I hope that he will get to the problem on Wednesday and repeat some of his speech because it is very powerful and persuasive. It brings forth the key points in the fight against inflation. I hope that the Senator from Minnesota will repeat it.
Mr. HUMPHREY. I thank the Senator from Louisiana very much.