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Remembering Nixon's wage and price controls
The Washington Examiner ^ | 2011-08-16 | Gene Healy

Posted on 08/20/2011 4:29:14 PM PDT by rabscuttle385

Remember "TARP," "Too Big to Fail," "Government Motors," "pay czar," the buzzwords of the Bush-Obama era? They reflected a disturbing trend toward presidential interference in economic life.

Forty years ago this week, President Richard Nixon showed us just how dangerous unchecked executive power can be to the free-enterprise system.

On Aug. 15, 1971, in a nationally televised address, Nixon announced, "I am today ordering a freeze on all prices and wages throughout the United States."

After a 90-day freeze, increases would have to be approved by a "Pay Board" and a "Price Commission," with an eye toward eventually lifting controls -- conveniently, after the 1972 election.

Putting the U.S. economy "into a permanent straitjacket would ... stifle the expansion of our free enterprise system," Nixon said. As President George W. Bush put it in 2008, sometimes you have to "abandon free-market principles to save the free-market system."

(Excerpt) Read more at washingtonexaminer.com ...


TOPICS: Business/Economy; Editorial; Government
KEYWORDS: biggovernment; nixon; rino; wageandpricecontrols
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1 posted on 08/20/2011 4:29:16 PM PDT by rabscuttle385
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To: Abathar; Abcdefg; Abram; Abundy; albertp; Alexander Rubin; Allosaurs_r_us; amchugh; ...
Putting the U.S. economy "into a permanent straitjacket would ... stifle the expansion of our free enterprise system," Nixon said. As President George W. Bush put it in 2008, sometimes you have to "abandon free-market principles to save the free-market system."



Libertarian ping! Click here to get added or here to be removed or post a message here!

2 posted on 08/20/2011 4:32:01 PM PDT by rabscuttle385 (Live Free or Die)
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To: rabscuttle385
sometimes you have to "abandon free-market principles to save the free-market system."

Bush was not the worst president we have ever had, but that quote is just pure nonsense.

3 posted on 08/20/2011 4:34:37 PM PDT by fhayek
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To: rabscuttle385

Interesting to note how Libertines are always trash talking Bush Nixon et al but seem strangely incapable of ever saying anything at all about the Obama Democrat’s Progressive Fascist agenda.


4 posted on 08/20/2011 4:35:38 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: rabscuttle385
Nixon was Progressive garbage. Let's not forget CAFE standards and the EPA as some of this idiots ideas. There is no way I would put Bush in the category of Nixon. Obummer is more Nixonian.


5 posted on 08/20/2011 4:36:40 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: Lazlo in PA

,,,And don’t forget OSHA.


6 posted on 08/20/2011 4:38:32 PM PDT by fhayek
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To: MNJohnnie
Interesting to note how Libertines are always trash talking Bush Nixon et al but seem strangely incapable of ever saying anything at all about the Obama Democrat’s Progressive Fascist agenda.

Because Libertarians are far more in line with the Rat party than the GOP. Legalizing drugs trumps everything, don'tcha know.

7 posted on 08/20/2011 4:41:59 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: Lazlo in PA

Apparently talking about what happened 40 years ago is way more relevant to Libertines then talking about what happened politically in the last 3 years.


8 posted on 08/20/2011 4:49:41 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: MNJohnnie

You are 100% correct.


9 posted on 08/20/2011 4:50:56 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: rabscuttle385

We have wage and price controls today... in the health care industry. Medicare and Medicaid limit what doctors and hospitals can charge. I don’t believe they started with Nixon whole country fiasco, but their result is the same. Your only option to accepting their prices is to not see ANY of their patients, an option that would put many doctors and nearly all hospitals out of business. It is further complicated by the HMOs (authored originally by Teddy K and signed into existence by Nixon) that extend monopolistic powers to many private insurers. The high cost of health care to those outside these price controlled monopolies is more the result of their subsidizing those covered ‘fee riders’ than the uninsured ‘free riders’ Obama (and Romney) liked to discuss. A free market always will work better and any true fix to the health care ‘problem’ starts with restoring one there. Restore freedom and wherever else the government shackles economic freedom and you’ll see the best health the world has known since Eve bit into the apple.


10 posted on 08/20/2011 4:51:26 PM PDT by JohnBovenmyer (Obama been Liberal. Hope Change!)
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To: rabscuttle385

Neither of these men understood the Free Market system.


11 posted on 08/20/2011 4:52:59 PM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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To: Lazlo in PA

I got three words for you: “Medicare Part D”

Largest entitlement expansion in a generation, and a significant contributor to the country being broke today.


12 posted on 08/20/2011 4:53:17 PM PDT by icanhasbailout (Some people would believe Karl Marx was conservative if he had good hair and ran on the GOP ticket)
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To: MNJohnnie

Maybe it’s because you expect Democrats to be socialists, but Republicans run as defenders of the Free Market.


13 posted on 08/20/2011 4:54:22 PM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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To: MNJohnnie

Gee, we just saw a great example of the GOP defending free market principles by raising the debt ceiling 2 trillion dollars!


14 posted on 08/20/2011 4:55:51 PM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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To: fortheDeclaration
Apparently talking about what happened 40 years ago is way more relevant to Libertines then talking about what happened politically in the last 3 years.

Isn't of squealing "ad homine" "strawman" every time someone points out a fact about the Libertine party you cannot answer, address the point.

15 posted on 08/20/2011 5:01:05 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: icanhasbailout
Largest entitlement expansion in a generation, and a significant contributor to the country being broke today.

If you take note, we were actually growing out of the debt we were in despite part D. What you clearly won't recognize is who actually bankrupted us. Notice the graph moving in the wrong direction in '08. I wonder what happened then?

I don't like part D either, but it is far from what broke the camels back. Put the blame where is squarely belongs.

16 posted on 08/20/2011 5:02:53 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: Lazlo in PA
Nixon was Progressive garbage. Let's not forget CAFE standards and the EPA as some of this idiots ideas. There is no way I would put Bush in the category of Nixon. Obummer is more Nixonian.

Let's not forget the Earned Income Tax Credit, first proposed by Nixon, giving tax "refunds" to people who didn't pay taxes. One of those quirky things passed by congress too late for Nixon to sign into law, which he had pledged to do. He was gone when signing time rolled around, Gerald Ford signed it.

Increased under every administration since, without exception.

17 posted on 08/20/2011 5:04:49 PM PDT by Graybeard58 (The only problem some people have with tyranny is that they’re not the tyrant.)
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To: fhayek
,,,And don’t forget OSHA.

Also comment #17, one of the largest pure communistic acts of wealth redistribution.

18 posted on 08/20/2011 5:07:44 PM PDT by Graybeard58 (The only problem some people have with tyranny is that they’re not the tyrant.)
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To: Lazlo in PA

Oh, Nancy Pelosi is absolutely responsible for her part in the budget blowout, but the person who signed those budgets is equally responsible.

With regards to “growing out” of the debt, I’m afraid that is an illusion caused by the enormous housing bubble and the apparent, but false, impression of wealth and prosperity it gave to the GDP numbers.

The plain truth is that, once you back out the growth of debt from GDP, the United States economy has been stagnant since 1983.


19 posted on 08/20/2011 5:08:29 PM PDT by icanhasbailout (Some people would believe Karl Marx was conservative if he had good hair and ran on the GOP ticket)
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To: MNJohnnie
What are you talking about?

I didn't say a word about 'ad homine' or 'strawman'.

I pointed to the recent GOP controlled House compromising free market principles and raising the debt ceiling.

The fact is that the GOP very rarely stands by any freedom principles.

And I am not a member of the Libertarian Party, I vote GOP.

20 posted on 08/20/2011 5:09:36 PM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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