Quote by Paul A. Samuelson, 1958

The history of the twentieth century - America's century! - has been pretty much a history of rising prices... inflation is itself a problem. But the legitimate and hysterical fears of inflation are - quite aside from the evil of inflation itself - likely, in their own right, to be problems. In short, I fear inflation. And I fear the fear of inflation. Avoiding inflation is not an absolute imperative, but rather is one of a number of conflicting goals that we must pursue and that we may often have to compromise. Even if the military outlook were serene - and it is not - modern democracies must expect in the future to be much of the time at, or near, the point where inflation is a concern. Our greatest economic problem will be to face that concern realistically, to weigh inflation's quantitative evil against the evils of actions taken against it, to develop methods of adjusting to the residue of inflation which attainment of the 'golden mean' might involve. The challenge is great but the prognosis is cheerful.Responding to the question: What is the most important economic problem to be faced by the United States in the next twenty years?

Summary

The most important economic problem to be faced by the United States in the next twenty years, according to the quote, is inflation. The quote emphasizes the historical trend of rising prices and acknowledges the fear and concerns associated with inflation. It argues that while avoiding inflation is important, it is just one of many conflicting goals that must be pursued and compromises may be necessary. The challenge lies in realistically addressing inflation, weighing its negative impact against the consequences of actions taken to combat it, and developing strategies to adjust to the aftermath of inflation. Despite the challenge, the quote maintains an optimistic outlook on the prognosis.