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Economy / Nixon / Phase II #13298

ABC Evening News for Friday, Nov 12, 1971
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(Studio) At press conf., President Nixon expresses confidence in wage board and price commission
REPORTER: Howard K. Smith

(DC) Cost of Living Council Director Don. Rumsfeld, signs phase II guidelines. [RUMSFELD - says consumer won't know if companies adhering to guidelines or not.] Mil. servicemen will get pay raise Sunday Federal government workers may get raise in July, but not in January All life insurance premiums will be exempt from price controls. Workers who make less than minimum wage will be exempt from wage controls. Auto prices may increase by November 22; wage increases held to 5 1/2%; price increases to 2 1/2%. 22% economy exempt from all controls.
REPORTER: Sam Donaldson

Donaldson, Sam;
Smith, Howard K.

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