I would hope that you meet or exceed established goals and adopt affirmative steps to insure that small business participants receive the largest share feasible.

The Council shall develop and recommend to the President policies, mechanisms and procedures to achieve and maintain stability of prices and costs in a growing economy.

The extension of the Economic Stabilization Act assures that we will not see our prosperity neutralized--as so often in the past--by the forces of inflation.

Already, the stimulative effect of our new economic policies has been evident.

This prompt action means that our battle against inflation--which has been making significant progress in recent months-can be continued and completed in the coming year.

After consultation with the Secretary of the Treasury and the Secretary of State today, I have signed a proclamation [4098] removing the 10 percent surcharge.

Our efforts to reform and expand our income maintenance systems must now be complemented by an effort to reform and expand private retirement programs.

For those who have maintained that the freeze was intended as a plum to business, let me point out that corporate profits declined during the freeze.

I think that we can say now that with the decision of the Pay Board with regard to a 5½ percent increase in wages during the next year, with the decision of the Price Commission, which aimed to the goal of between 2 and 3 percent on the price side, that with the massive public support that we had which made Phase 1 such a success in stopping inflation, that that public support continuing in Phase 2 will mean that the year 1972 will see a year in which we cut inflation in half in this country.

A program of total control, wage and price controls across the board with a huge bureaucracy, would have been one answer.

Only through balanced growth in both our rural and urban areas can we weather this gathering storm.

I do not intend to impose wage and price controls which would substitute new, growing and more vexatious problems for the problems of inflation.

The tide of inflation has turned.

The purposes of the Council are these: Achieve consistency between domestic and foreign economic policy.

This memorandum establishes a Council on International Economic Policy.

Provide a clear top level focus for the full range of international economic policy issues.

Our goal is to achieve a combination of full employment and reasonable price stability.

That bill guaranteed a minimum hourly wage--the munificent, magnificent sum of 25 cents an hour--25 cents an hour!