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Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since the Korean War.
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 ...
Invoking the powers granted to the president by the Economic Stabilization Act of 1970, President Richard Nixon orders 90-day nationwide freeze on all wages, prices, salaries and rents. September 22: OPEC directs members to negotiate price increases to offset the devaluation of the U.S. dollar. November: U.S. Phase II price controls begin. Plan ...
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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Recommendations on wages were no more effective, especially as the Transport and General Workers Union was opposed from an early stage to the government's attempts at wage control. From 1966 onwards, the government introduced a series of Prices and Incomes Orders to limit price and wage increases by law. This was in effect the end of the ...
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January 11: U.S. Phase III price controls begin. Allows for voluntary instead of mandatory price control on all U.S. prices. This does not prevent a sharp rise in heating oil prices caused by a severe winter and shortage of product. January 17: U.S. President Richard Nixon suspends mandatory oil import quota on No. 2 heating oil through April 30.