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 Nixon was worried about the effects of increasing inf

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jukido
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PostSubject: Nixon was worried about the effects of increasing inf    Fri Aug 19, 2011 3:47 am

gress passed the Economic Stabilization Act, giving Nixon power to set wages and prices; Congress did not believe the president would use the new controls and felt this would make him appear to be indecisive.[92] While opposed to permanent wage and price controls,[93] Nixon imposed the controls on a temporary basis[94] in a 90 day wage and price freeze.[95] The controls (enforced for large corporations, voluntary for others) were the largest since World War II; they were relaxed after the initial 90 days.[96] Nixon then spoke to the American public, saying that by "Working together, we will break the back of inflation."[97]
A Pay Board set wage controls limiting increases to 5.5% per year, and the Price Commission set a 2.5% annual limit on price increases.[98] The limits did help to control wages, but not inflation.[99] Overall, however, the controls were viewed as successful in the short term[100] and were popular with the public, who felt Nixon was rescuing them from price-gougers and from a foreign-caused exchange crisis.[96][101]
Nixon was worried about the effects of increasing inf

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