At the time, the U.S. also had an unemployment rate of 6.1% (August 1971) and an inflation rate of 5.84% (1971). To combat these problems, President Nixon consulted Federal Reserve chairman Arthur Burns, incoming Treasury Secretary John Connally, and then Undersecretary for International Monetary Affairs and future Fed Chairman Paul Volcker. Web1 day ago · Understanding just how popular the wartime OPA had been, he imposed wage and price controls in August 1971, much to the chagrin of his conservative advisers. But Nixon’s heart wasn’t in it; there were no legions of housewives, no dollars-and-cents shopping lists, no local investigation boards.

Nixon shock - Wikipedia

WebDec 19, 2016 · A new paper in Public Choice shows that President Richard Nixon understood the costs of wage and price controls, but implemented them to secure his re … chipmunk\u0027s c3

President Richard M. Nixon

WebAug 16, 2011 · After a 90‐ day freeze, increases would have to be approved by a “Pay Board” and a “Price Commission,” with an eye toward eventually lifting controls — conveniently, after the 1972 ... WebThe climax came on August 13-15, 1971, when Nixon and 15 advisors repaired to the presidential mountain retreat at Camp David. Out of this conclave came the New Economic Policy, which would... WebOct 1, 1971 · President Nixon's executive order providing for stabilization of prices, rents and wages is an act of supreme defiance against the free market and the freedom of … chipmunk\u0027s ch