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The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation.
The Economic Stabilization Act of 1970 (Title II of Pub. L. 91–379, 84 Stat. 799, enacted August 15, 1970, [2] formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers [3] as part of a general program of price controls within the American domestic goods and labor ...
In the early 1970s, inflation had been much higher than in previous decades, getting above 6% briefly in 1970 and persisting above 4% in 1971. U.S. President Richard Nixon imposed price controls on August 15, 1971. [3] This was a move widely applauded by the public [3] and a number of Keynesian economists. [11]
Nixon re-imposed price controls in June 1973, echoing his 1971 plan, as food prices rose; this time, he focused on agricultural exports and limited the freeze to 60 days. [65] The price controls became unpopular with the public and business people, who saw powerful labor unions as preferable to the price board bureaucracy. [65]
Price controls are restrictions set in place and ... In 1971, President Richard Nixon issued Executive ... A government-set minimum wage is a price floor on the price ...
Carter also flatly rebuffed calls for wage and price controls as inconsistent with "our free economic system." Nixon's 1971 wage and price freeze was an economic folly but a political success ...
The Senate votes 53 to 29 in favor of President Nixon having the authority to impose a 15% surcharge on imports into the US. [9] Secretary of the Treasury Connally lauds the wage-price increase as successful and foresees post-freeze controls cutting inflation in half during the following year. [10]
Mass deportations of unauthorized immigrants in the U.S. could hurt a range of U.S. industries, experts warn.