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Administration Sees Wage and Price Policy Move
President Nixon edged toward wage and price guide lines as Congress moved to limit inflation. An 18 hour railroad strike over pay was settled with a 13.5 percent raise retroactive to 1970 and put off until March 1. Burns and Nixon discussed an incomes policy with expansionary monetary policy, while unemployment rose to 5.8 percent in November and wholesale prices dipped slightly. Congress advanced broker protections, SST funding, and a revised trade bill but faced opposition on import quotas and possible vetoes.
MENTIONED IN THIS ARTICLE
New York
Nixon
Clerks’ Union
Congress
Arthur Burns
Federal Reserve Board
Burns
Federal Reserve System
Reserve Board
William McChesney Martin
Mechada
Laffetea, Inc
Alfred Hayes
Federal Reserve Bank of New York
Labor Department
Mos