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OCR Page 1 of 41THE PRESIDENT HAS SEEN
1
SPECIAL REPORT: THE PRESIDENT'S SPEECH ON ECONOMY
June 13, 1973
WIRE LEADS
"RN has frozen all consumer prices for 60 days, jolting an inflation-
plagued economy w/a surprise shock treatment while buying time to
build a tougher wage-price-control system. 11 (AP's Shaw)
"RN ordered an immediate freeze on all retail prices, including
those charged by supermarkets and corner groceries, for a maximum
period of 60 days
It covers everything from autos to toothpicks
but does not include raw agricultural products. Ex: Lettuce could
be sold at any price farmer could get, but after that first sale to a
wholesaler, the freeze takes effect. 11 (AP's Cormier)
"RN clamped a 60-day freeze on all retail prices but left wages
unaffected in his 4th major effort in less than 2 years to deal w/the
real and pressing problem of higher prices. 11 RN abandoned his
mostly voluntary PH III which had failed to check worst inflation new
in a generation. He promised freeze would be followed by a /PH IV
which features mandatory controls. Action was intended in part to
prove to US and to overseas money-changers that Admin was not
paralyzed by Watergate. 11 (UPI's Kempster)
REACTION
AP leads: "Hill GOP praised RN's announcement as on target.
But Dem reaction ranged from doubtful to damaging.
UPI leads: "Hill generally welcomed RN's decision to freeze
prices, but some Dems said he'd done too little, too late. 11
UPI says Dole "struck dominant note among GOP" by saying:
"strong action was necessary, strong action was taken -- RN has
responded with leadership."
Mills had what UPI calls gloomy assessment: "It's probably too
late, probably too little. 11 And he didn't like criticism of Hill as
budget busting.
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