CONTROLS: Bulge After Death

After 2½ years of controversy, the nation's first peacetime wage-price controls died last week, leaving disillusion and double-digit inflation in their wake. Almost immediately, prices began to scoot higher on a wide range of goods, including cars, light bulbs, liquid oxygen, some air-conditioning equipment and those basic materials, steel and copper.

The Administration made some pleas for restraint. In a speech to the U.S. Chamber of Commerce, President Nixon warned businessmen and labor leaders that "if the fires of inflation continue to burn too strongly, demand for controls will come up...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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