Public Papers of Richard Nixon, 1972

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Author: Richard M. Nixon  | Date: September 13, 1972

299
Message to the Congress Transmitting the Cost of Living Council’s Quarterly Report on the Economic Stabilization Program.
September 13, 1972

To the Congress of the United States:

In accordance with Section 216 of the Economic Stabilization Act Amendments of 1971, I am transmitting with this the Cost of Living Council’s third quarterly report on the Economic Stabilization Program covering the period April I through June 30, 1972.

The report reflects the significant progress which the country is continuing to make toward the joint goals of reducing the rate of inflation and restoring vigorous health to the economy:

1. In the battle against inflation, the annual rate of increase in consumer prices has been cut to 2.9 percent since I announced the New Economic Policy on August 15, 1971. During the same period, real spendable weekly earnings have increased at an annual rate of 3.8 percent.

2. The recovery which the economy is experiencing is evidenced by nearly all of the key economic indicators. Last quarter’s real GNP grew at an annual rate of 9.4 percent, the greatest increase in seven years. Productivity increased at a 6 percent annual rate in the second quarter of 1972, with an accompanying decline in unit labor costs. Employment has increased by 2.6 million workers since the program began, and the rate of unemployment has declined moderately.

While this encouraging progress has resulted from the interaction of many economic factors, the temporary wage and price controls of the Economic Stabilization Program have played an important role in maintaining price stability during a period of rapid expansion. The disciplines of the controls program, together with responsible fiscal and monetary policies and the continued support and cooperation of the private sector, can enable us to move into a new era of unprecedented prosperity for all Americans.

RICHARD NIXON

The White House,
September 13, 1972.

NOTE: The report, covering the period April 1 through June 30, 1972, is entitled "Economic Stabilization Program Quarterly Report—Cost of Living Council" (Government Printing Office, 49 pp.).

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Chicago: Richard M. Nixon, "299 Message to the Congress Transmitting the Cost of Living Council’s Quarterly Report on the Economic Stabilization Program.," Public Papers of Richard Nixon, 1972 in Federal Register Division. National Archives and Records Service, Public Papers of the Presidents of the United States, Richard Nixon, 1972 (Washington, D.C.: Government Printing Office, 1956-), P.1161 Original Sources, accessed September 30, 2022, http://www.originalsources.com/Document.aspx?DocID=KZTSBJ1CJ9VEGRN.

MLA: Nixon, Richard M. "299 Message to the Congress Transmitting the Cost of Living Council’s Quarterly Report on the Economic Stabilization Program." Public Papers of Richard Nixon, 1972, in Federal Register Division. National Archives and Records Service, Public Papers of the Presidents of the United States, Richard Nixon, 1972 (Washington, D.C.: Government Printing Office, 1956-), P.1161, Original Sources. 30 Sep. 2022. http://www.originalsources.com/Document.aspx?DocID=KZTSBJ1CJ9VEGRN.

Harvard: Nixon, RM, '299 Message to the Congress Transmitting the Cost of Living Council’s Quarterly Report on the Economic Stabilization Program.' in Public Papers of Richard Nixon, 1972. cited in , Federal Register Division. National Archives and Records Service, Public Papers of the Presidents of the United States, Richard Nixon, 1972 (Washington, D.C.: Government Printing Office, 1956-), P.1161. Original Sources, retrieved 30 September 2022, from http://www.originalsources.com/Document.aspx?DocID=KZTSBJ1CJ9VEGRN.