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(Studio) Nixon administration announces Phase IV economy programs
REPORTER: Roger Mudd
(DC) Current price freeze to be removed in stages beginning with food, Gas prices to remain frozen till August 12 then new controls. No controls on rent, utility rates or interest rates. Small business exempt from notification of price increases Export controls remain. Wage increase guidelines remain at 5.5% increase No tax increase Treasury Secretary George Shultz admits immediate food price outlook dim. [SHULTZ - says prices will rise.] Shultz calls controls tough and should move country away from controls altogether. Chicken, egg prices may skyrocket with beef in shortages until controls lifted in September
REPORTER: Dan Rather
- Mudd, Roger;
- Rather, Dan
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