THE ECONOMY: Guideposts for Hardhats

In his battle against inflation, President Nixon has shunned the ultimate weapon of a wage-price freeze. "Such controls treat symptoms and not causes," he has argued. Besides, he says, they do not work, are inequitable and incompatible with a free economy. Last week Nixon bent his principles to fight raging inflation in the nation's largest industry. Carefully avoiding rigid controls, the President imposed what he called a largely voluntary "system of constraints" designed to stall the wage-price buildup in construction.

Although the constraints may very well fail, Nixon picked the right target....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!