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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. [1] [2]
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 ...
President Richard Nixon. Nixonomics, a portmanteau of the words "Nixon" and "economics", refers either to the performance of the U.S. economy under U.S. President Richard Nixon [1] (i.e. the expansions in 1969 and from 1970 to 1973 during the broader Post–World War II economic expansion and the recessions from 1969 to 1970 and from 1973 to 1975) or the Nixon administration's economic policies.
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The South would face the highest lost wages during a government shutdown, with a potential loss of about $2.3 billion per week. The Northeast faces the lowest impact, with an estimated freeze of ...
Placing an additional position in level V of the Federal Executive Salary Schedule April 1, 1969 13 11464 Modifying Rates of Interest Equalization Tax April 3, 1969 14 11465 Inspection of income, excess-profits, estate, and gift tax returns by the Committee on Internal Security, House of Representatives April 10, 1969 15 11466
This article originally appeared on USA TODAY: Trump administration rescinds freeze memo on federal grants. Show comments. Advertisement. Advertisement. In Other News. Entertainment. Entertainment.
In 1971, President Richard Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices. The constitutionality of this action was challenged and upheld in the case of Amalgamated Meat Cutters v. Connally. [18]