Richard Nixon actually said...
I am determined that we shall win the battle against inflation--and that fiscally irresponsible policies shall not again penalize all Americans, and especially the older citizens whom these benefit increases are designed to help, by taking away in higher prices what they have gained in higher wages and higher benefits.
Context
Statement on Signing a Bill Extending Temporary Ceiling on National Debt and Increasing Social Security Benefits.
06/30/1972