Economic Stabilization Act of 1970This act was the first of two main actions President Nixon took to try and put a halt to inflation. The Economic Stabilization Act of 1970 was signed on August 15th, 1970. It enabled the president to control prices of goods and a workers wage. Its goal was to stall the ever increasing inflation caused by the Vietnam War.
|
Executive order 11615This executive order was the second of the two actions taken by President Nixon to work towards lower inflation rates. Executive Order 11615 was signed exactly a year after The Economic Stabilization Act of 1970 on August 15th, 1971. The order was designed to do three main things; stabilize wages, prices and rent cost. In return, the hope was that inflation rates would drop, as well as unemployment rates. To try and accomplish this, wages, prices of goods, and rent cost were all froze for a 90 day period. This was also a move to try and maintain the value of the U.S. dollar.
|