In 1971, under President Richard Nixon, the federal government passed legislation that "froze" wages and the prices of consumer items. However, that did little to stop the increase in inflation or unemployment. What can you infer was behind Nixon's decision to "freeze" wages and prices?

The Congress has also been moving forward on the energy front. The Alaska pipeline bill has been passed. I signed it into law 9 days ago, right here at this desk. The Congress has passed a fuel allocation bill which I will sign into law on Tuesday. 1 An additional emergency bill providing special authority to deal with this problem has now passed the Senate.

Inflation affects wages and prices, so freezing those would halt inflation