Live coverage of a speech by U.S. President Richard Nixon about the economy of the United States. A news correspondent reports that President Nixon's announcement regarding economy includes a 60-day price freeze which is followed by falling value of U.S. dollar in the world market, a record increase in gold prices and an increased cost of living. The South Facade of the White House. President Nixon speaks about economy and summarizes positive points saying that the economy is growing in terms of income and jobs. The President talks about the announcement he made in August 1971 and economic progress achieved after that. He says that prices, especially food prices are going higher unacceptably in present period. He says that faced with the rising inflation he has ordered a 60-day freeze on all retail and wholesale prices except for raw agricultural commodities. The President says that wage freeze will not be implemented till wages remain non-inflationary. He further speaks about putting in effect price controls which will control the factors responsible for increase in prices. He says that he has directed the Cost for Living Council to work towards controlling gasoline prices. President Nixon says the actions he has ordered are designed to deal with the rise in the cost of living without jeopardizing the prosperity of American citizens.
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