Economic Stabilization Act

Economic Stabilization Act, giving Nixon power to set wages and prices; Congress did not believe the president would use the new controls and felt this would make him appear to be indecisive.[93] While opposed to permanent wage and price controls,[94] Nixon imposed the controls on a temporary basis[95] in a 90 day wage and price freeze.[96] The controls (enforced for large corporations, voluntary for others) were the largest since World War II; they were relaxed after the initial 90 days.[97] Nixon then spoke to the American public, saying that by "Working together, we will break the back of inflation."[98]
A Pay Board set wage controls limiting increases to 5.5% per year, and the Price Commission set a 2.5% annual limit on price increases.[99] The limits did help to control wages, but not inflation.[100] Overall, however, the controls were viewed as successful in the short term[101] and were popccessful in the s

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