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OCR Page 1 of 28Excerpts from Address by George P. Shultz
Director, office of Management and Budget
before the National Press Club
January 6, 1972
There is a persistent and recurring rumor that I am
not in favor of economic controls. I'd like to take this
opportunity, here and now, to confirm that rumor, I am not
now, nor have I ever been, an advocate of a controlled
economy. It was essential for the President to institute
the wage-price freeze and follow-on program. It has been
remarkably successful to date, but as soon as conditions
permit, we must return to the free market.
It's time for some plain talk about what we want
from Phase II and about what is needed to make Phase II
work. we want peacetime expansion--more jobs at higher
pay, more output at higher profits--and reasonable price
stability. And we have the ingredients needed to attain
these objectives.
We have created a process to help restrain the rise
in prices and costs. The method chosen is sound. The
freeze worked: it stopped the rise in prices, it changed
Reproduced at the Richard Nixon Presidential Library and Museum