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7340271
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President's Letter to Congress Submitting the third quarterly report of the Council on Wage and Price Stability
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document
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1
Source metadata
id
7340271
sourceUrl
contentType
document
title
President's Letter to Congress Submitting the third quarterly report of the Council on Wage and Price Stability
citationUrl
collections
White House Press Releases (Ford Administration)
Press Releases
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7340271
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item
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day
26
logicalDate
1975-07-26
month
7
year
1975
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nara-archive
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1
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document
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f98199b3d1925720
ocrText
Digitized from Box 13 of the White House Press Releases at the Gerald R. Ford Presidential Library
FOR IMMEDIATE RELEASE
JULY 26, 1975
Office of the White House Press Secretary
THE WHITE HOUSE
TO THE CONGRESS OF THE UNITED STATES:
In accordance with section 5 of the Council on Wage
and Price Stability Act, as amended, I hereby transmit to
the Congress the third quarterly report of the Council on
Wage and Price Stability. This report contains a descrip-
tion of the Council activities during the past few months
in monitoring wages and prices in the private sector and
reviewing various Federal Government activities that lead
to higher costs and prices without creating commensurate
benefits. It discusses in some detail the Council's studies
of steel and metal can prices, cost-of-living escalator
clauses and marketing spreads for food products. In addition,
it contains a discussion of wages and prices during the first
quarter of 1975 and the outlook for the rest of the year.
Also included is a special chapter prepared by the Department
of Health, Education, and Welfare on the cost of medical care.
Although it requires continuing attention, progress has
been made in reducing the rate of inflation. With price
increases now decelerating, moderation in wage settlements
becomes very important. Wage increases that substantially
raise unit labor costs could create new inflationary pressures.
Moreover, the recovery of the economy should not be used as
an occasion for business to raise prices in anticipation of
stronger demand. The Council on Wage and Price Stability
also will continue to monitor closely actions taken by the
Government and will call to public attention unjustified
activities that could have an adverse impact on price levels.
GERALD R. FORD
THE WHITE HOUSE,
JULY 26, 1975
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