Search results
Results From The WOW.Com Content Network
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 ...
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]
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.
During the last spike of inflation in the 1970s, both Democratic and Republican presidential administrations at times imposed price controls, which specifically limited what companies could charge ...
National average wages and salaries grew by nearly $15,000 from January 2021 to October 2023, according to the JEC Democrats. ... Wage growth has actually outpaced the crushing inflation over the ...
U.S. President Richard Nixon's Secretary of the Treasury, George Shultz, enacting Nixon's "New Economic Policy", lifted price controls that had begun in 1971 (part of the "Nixon Shock"). This lifting of price controls resulted in a rapid increase in prices. Price freezes were re-established five months later. [32]
The Nixon pardon of Sept. 8, 1974, caused a political and legal earthquake that still reverberates in the age of Trump. How Richard Nixon's pardon 50 years ago provides fuel for Donald Trump's ...