Fund Has Joined Protestors Of LBJ's Inflation Tactics
YOU CAN ADD the International Monetary Fund to the long list of those who believe that President Johnson botched the job of fighting inflation in 1906.</br></br>The Chief Kxeeutive's big mistake was that lie failed to ask Congress for a quirk tax boost to offset the upsurge in Vietnam spending, lie passed the buck to the Federal Reserve System, instead: and the American people were hit not only by rising prices but by painfully tight money and high interest rales as well.</br></br>The 106-nation l.M.F. voices its criticism of the U.S. in the cautious, diplomatic language that, an international agency is wont to use when talking about its most powerful member but there is no misinterpreting its opinion of Mr. Johnson's 1006 performance.</br></br>The I.M.F.Ûªs strictures arc set out in a report that received I he unanimous approval of its 20 executive directors, including the U.S. delegate. The directors charge that the U.S. and Canada are "major examples of the delayed application of financial restraint."</br></br>The main lesson to be learned from Mr. Johnson's backing and filling is that the U.S. cannot hope to have full employment with stable prices unless the Administration and Congress are willing to lake prompt, effective action on taxes and spending.