The Economy: Putting on the Freeze

The task of making the wage-price freeze work—deciding who and what is covered by it, improvising compromises, enforcing the rules—will be one of the most complex of bureaucratic exercises. Who's Who in running the show for the Administration:

TREASURY SECRETARY JOHN CONNALLY, as head of the Cost of Living Council, has overall authority to wheedle, cajole, crack heads and otherwise employ his considerable political skills in imposing the freeze. He has moved briskly. When the Pentagon announced that certain servicemen's pay raises would go through on schedule, Connally called Deputy Defense Secretary David Packard and said: "You rescind those raises or I...

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!