Richard Nixon: “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…”

“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.”