inepressioyears, buwas longeappropate an econome it waslso serving noticeheime oy that monetary pocydeies.e mighnotso weak a ol buwas longeappropate an econome it waslso serving noticeheime oy that we worked for two centuries to climb this peak of prosperity, but we're only at the beginning of the road to the great society. great society notwithstanding, ere was also the matter in a place called vietnam.ar this is the memorialto that, an undeclared war whose full cost was kept secret could mone policy alonent'sown . harness the runaway inflatio caused byguns-a-but? meant we would try fighng abroad war without any major sacrifice of social programs at home. war spending spurred the economy even higher. factories reached full capacity. labor was inemand ancould command higher wages. here were sown the seeds of inflation. i beeve we can continue the greatociety while we fight in vietnam. the military chiefs were asking for more money yet president johnson rejected a tax increase. we asked his economic adviser, james duesenberry, why. we had, after all, just gone through a big program of tax reduction,