Nixon wage freeze Q&A primer on 90 day controls
Questions and answers explain the 90 day wage price freeze ordered by President Nixon. The plan covers all prices rents and wages at August 14 1971 levels with suspensions of announced increases and a 90 day deferral for new contracts. Enforcement relies on the attorney general and potential court action with fines up to 5000 dollars.
MENTIONED IN THIS ARTICLE
Washington
Nixon
White House
OEP
Congress
Nicxn
Dollar Finds Pressures Strong in Foreign Market
The dollar faced heavy selling abroad as Nixon suspended gold settlements and European markets closed. Banks, hotels, and tourists reacted with limits on dollar intake and devaluations while Japan and several nations warned of reduced U.S. trade. Talks of a Bretton Woods style reform gained pace as officials stressed dollar resilience.
MENTIONED IN THIS ARTICLE
London
Nixon
U.S
Europe
Orient
Japan
Britain
West Germany
Switzerland
Sweden
Norway
Italy
South Africa
France
Belgium
Luexmbourg
Frankfurt
Volkswagen
United States
Tokyo
Nixon Announces Broad 90 Day Wage Price Freeze Plan
President Nixon unveiled a largely voluntary 90 day wage price freeze and urged world exchange rate shifts that could devalue the dollar. He also halted gold sales, imposed a 10 percent import surcharge, and proposed tax breaks while asking Congress to delay revenue sharing and welfare reform. He pledged a 5 percent federal workforce cut and a $4.7 billion spending reduction, signaling a major economic policy push.
MENTIONED IN THIS ARTICLE
Washington
Nixon
America
Local bankers react to Nixon price policy announcement
Lawrence bankers from the Lawrence National Bank and Trust Co. Odd Williams of Douglas County State Bank and Warren Rhodes of First National Bank welcomed the steps as overdue and potentially beneficial while noting the need for close study. They questioned how mandatory the measures would be and how they would affect local prices and wages. The 90 day freeze posed supermarket challenges with likely price freezes on nonseasonal goods and confusion until directives arrive from national and regional offices.
MENTIONED IN THIS ARTICLE
Congress
White House
Office of Emergency Preparedness
Lawrence
Nixon
Journal-World
Earl Chandler
Lawrence National Bank and Trust Co
Odd Williams
Douglas County State Bank
Warren Rhodes
First National Bank
Keith Lucas
Dillon’s
1740
Mass
Dillon
Market Reacts With Gains Amid Nixon Policies
The Dow Jones industrial average rose 27.01 to 883.03 at noon as trading set a two hour volume record of 14.6 million shares on the Big Board. About 1,400 issues advanced with under 50 retreating, while gold miners led declines and buy orders delayed blue chip openings.
MENTIONED IN THIS ARTICLE
New York
Nixon
No Change in Weather in Lawrence Area
Weather in Lawrence remains stable with daytime highs holding between 88 and 90 degrees. No rain is expected, moisture chances at about ten percent, and fog from early today gave way to mostly clear skies by afternoon with southerly winds.
MENTIONED IN THIS ARTICLE
Lawrence
Goodland Man Receives Plane Ride After Helping Pilots
Charles Ireland a Goodland grade school teacher aided two pilots whose car ran out of fuel in front of his home. The Texas based construction company pilots then treated Ireland and his family to a ride in their Lear jet.
MENTIONED IN THIS ARTICLE
Goodland, Kan
Goodland
Charles Ireland
Texas Construction
Ireland
Douglas County approves 1972 budget despite $10,272 error
The Douglas County Commission adopted the 1972 budget 3 0 after a brief hearing with no public comment. Budget director Darlene Hill noted a $10 272 miscalculation, lowering the projected levy to 28 113 mills from 28 195. Expenditures total 6 918 704, a county record, with valuation uncertainty noted and potential levy impact if valuations fall short.
MENTIONED IN THIS ARTICLE
Douglas County Commission
Darlene Hill
Douglas County
Commission
Arthur Heck
Hill
Rumsey Funeral Home Ad Offers 40 Years Experience
Classified blurb advertises Rumsey Funeral Home with over 40 years experience and a contact number 843-5111 for arrangements.
MENTIONED IN THIS ARTICLE
Rumsey Funeral Home
Air Strikes Escalate Along DMZ As North Vietnamese Push
U.S. warplanes tripled air attacks along the DMZ with B52 bombers striking in the southern DMZ. North Vietnamese regiments faced intense air and artillery strikes as ground clashes intensified near Mt Nui Ba Ho and Fire Base Fuller, with over 200 NVA killed reported and mounting casualties among South Vietnamese and American advisers.
MENTIONED IN THIS ARTICLE
Saigon
U.S
Demilitarized Zone
Dmz
Mt. Nui Ba Ho
Fuller
Index No Change Through Tuesday
Local notice states no change to index status through Tuesday. Full details can be found on page 5 of the edition.
Panic in Paris Over Dollar Crunch After Holiday
Paris bankers and cashiers report a dollar rush as banks close for a public holiday. Americans pay 5.40 to 5.55 francs at offices and from 5.55 with an air card, while hotels restrict dollar exchanges to bills from guests.
MENTIONED IN THIS ARTICLE
Paris
Paris Tap
France
U.S
Felix Welch
Lexington
Air
Also Mentioned on This Page
Cost of Living Council
Tokyo Exchange
Tokyo Stock Exchange
Japan External Trade Association
Bretton Woods
N.H
Poul Nyboe Anderson
Denmark
the Nation
Toyota
Grundig
Sony
Vietnam
Falley’s Discount Foods
Clarence McKay
Bind
Mrs. Hill
Russell Stover
Rexall
Welch
Gene Doane Agency
S24
Mays
Andv
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