rustycolts
Footballguy
Back in the 70s Nixon installed both wage freezes and price controls .Would this work now?
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Nixon (1 Viewer)
- Thread starter rustycolts
- Start date
Not trying to be snarky, but did it work then? I'm too young to remember that but it seems like it would just delay inflation and cause a huge spike when they ended. My brief reading on the subject seems to confirm this theory.
Desert_Power
Footballguy
rustycolts
Footballguy
Not snarky. It was popular at the time with folks. Not me of course I was 16 and wanted a raise and of course at 16 didn't know my butt from a hole in the ground much less inflation. I believe that the program helped him get re elected but it ended in failure.
Just wondering since times have changed so much would it help now.
The General
Footballguy
I did not know this happened.
The mere mention of Biden and this in the same sentence makes Sean Hannity and various Fox News reporter rock hard.
The mere mention of Biden and this in the same sentence makes Sean Hannity and various Fox News reporter rock hard.
There seems to be a lot of unrest among lower paid millenianals currently. Things like the great resignation, push for $15 min wage, housing unaffordability. I can't see that pausing wages would be very popular. It could cause a lot of people to exit the workforce (or at least freelance). In the worst case scenario, I could see it causing a lot of unrest/protests and possibly riots.
rustycolts
Footballguy
BassNBrew
Footballguy
Definitely not a dumb question. It's nice to discuss solutions to issues instead of who is to blame for the issue. I'm no economist either, so I don't know the answers to inflation.
sho nuff
Footballguy
And if there is already going to be a red wave...id guess this would make it worse. Screams of socialism would ring out all over the place. Politically, it would be a disaster...which is why, even if it worked in a practical manner...it will never be attempted now.
The General
Footballguy
I did not know this occurred so read a bit about it because you mentioned it here. Interesting topic.
This article was the one I read so the WSJ was thinking about this as well in August
ignatiusjreilly
Footballguy
I wasn't alive back then, but my impression was always that it provided a short-term boost that helped get Nixon re-elected but screwed up the economy in the long-term and ultimately hurt the political fortunes of both Ford and Carter, and Reagan to an extent.
Although the fact that the WSJ Opinion page published a piece agreeing with that take has me questioning it; those guys are never right about anything!
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