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Economy Controls / Phase III #22792

ABC Evening News for Thursday, Jan 11, 1973
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(Studio) Phase I of Nixon's plan to control inflation began August, 1971; it was a total freeze in wages and prices. Phase II set up boards to allow rises in certain cases. Today Nixon announces Phase III.
REPORTER: Howard K. Smith

(White House) Phase III, as outlined by Treasury Secretary Shultz, eliminates Pay Board and Price Commission Shift is to voluntary controls within established guidelines. [SHULTZ - explains nature of voluntarism.] Mandatory controls will continue in food, construction and medical care. Wages and prices remain under present guidelines. [Senator William PROXMIRE - says President making serious mistake in easing up on controls.]
REPORTER: Tom Jarriel

Jarriel, Tom;
Smith, Howard K.

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