WIN — whip inflation now!

For those old enough to remember the 1970s and early 1980s, the current inflation is not new. To allegedly fight inflation in 1974, President Gerald Ford encouraged all Americans to wear WIN buttons. WIN stood for Whip Inflation Now. Alan Greenspan, Chairman of the Federal Reserve from 1987-2006, was the president's top economic adviser in 1974 when Ford concocted the idea. Greenspan said, "I was the only economist present and said to myself, 'this is unbelievably stupid. What am I doing here?'" Inflation is back in the news. The November rate was reported as 6.8%, the highest since 1982. It was the ninth straight month inflation was above the Federal Reserve's 2% target. A global commodities rally, rising demand, wage pressures and supply chain disruptions continued to push prices up. Inflation is typically defined as a general rise in prices. Energy costs recorded the biggest gain, along with shelter, food, new and used vehicles, apparel and medical care services. Ford asked Americans to do what they could "to help increase food and lower prices, grow more and waste less. To help save scarce fuel in the energy crisis, drive less, heat less." Ford was dealing with an inflation rate in excess of 12% when he took over for President Richard Nixon, who resigned in August 1974 at the height of the Watergate scandal. The WIN program got off to a fast start with over 1,000 telephone calls a day to the White House and 200,000 letters to President Ford endorsing his plan. WIN buttons were appearing all over the country. Then Gov. Ronald Reagan of California wore the button when he greeted Ford at the airport in Los Angeles. Businesses displayed WIN posters and a song was even written about the campaign. The plan did not slow inflation and was followed by a period of stagflation, a combination of inflation and recession that the Jimmy Carter administration was unable to end in the late 1970s. The plan was disparaged by Democrats, including then Sen. Joe Biden, who criticized Ford for trying to fight inflation with slogans. The idea that consumers could reduce inflation was at best wishful thinking and probably just a political stunt to make it appear Ford was attempting to do something to slow inflation. Most economists argue that inflation is a result of excessive spending relative to the level of goods available. The common cliché is that it is too many dollars chasing too few goods. There are things consumers can do to deal with inflation. To help keep the food budget under control, consumers can take advantage of any promotions to stock up the freezer and shelves before prices rise again. Shopping at discount stores and buying private-label brands also helps. GasBuddy, a website and smartphone app can help drivers find the best deals on filling up. More mileage can also be squeezed out of a tank of gas by sticking to the speed limit. One good sign for reducing inflation is the Federal Reserve's recent decision to speed up the process of reducing the growth of the money supply, according to Shane Parendo, Associate Professor of Economics at Tiffin University. "The Fed did wait to make sure the economy was in the process of recovering so the economy wouldn't be damaged in its fragile state." President Biden claims his Build Back Better plan will reduce inflation. The proposed increases in taxes and spending is the opposite of conventional economic wisdom about inflation. Maybe what President Biden is missing is to ask all Americans to wear BBB buttons — Build Back Better! Dr. Haan is Professor of Marketing at Tiffin University.