Former Federal Reserve Chairman Paul Volcker, famous for helping whip sky-high inflation in the early 1980s, said Tuesday that rising prices should again be a subject of concern for the U.S. economy.
Speaking before the Economic Club of New York, Volcker said today's economic conditions are not as severe as they were during his tenure, but still suggested caution about the threat of inflation. He also warned that the weak dollar is a major problem.
"We are at a point where we have to worry about [inflation]," said Volcker, who was appointed Fed head in 1979 by President Jimmy Carter before stepping down in 1987.
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This article addresses the former Federal Reserve Chief, Paul Volcker's statement that the United States should be aware and mindful of the continued rise in prices, and steps should be taken to combat this problem. His concerns included the threat of inflation and the weakness of the dollar. Volcker's statements simply reaffirm what many have begun to believe: the United States is facing an economic crisis, and something must be done to reverse or at least begin to change this. The leaders must lay aside any criticism they have received, and must focus on bettering the economy to get the United States back on its feet.
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