Statement About Rescission of Price Increases by Automobile Manufacturers

President Richard Nixon
August 17, 1971

IN announcing that their previously announced price increases for 1972 models would be rescinded, the Nation's automobile manufacturers have acted with a laudable respect for the national interest and with a high sense of responsibility.

This action demonstrates dramatically a spirit of voluntary cooperation in making the wage-price freeze work. With this spirit, and with all Americans pulling together, we can break the back of inflation and set the Nation securely on the path of a new prosperity.