Sharp increases in the minimum wage rate are also inflationary. Frequently workers paid more than the minimum gauge their wages relative to it. This is especially true of those workers who are paid by the hour. An increase in the minimum therefore increases their demands for higher wages in order to maintain their place in the structure of wages. And when the increase is as sharp as it is in H.R. 7935, the result is sure to be a fresh surge of inflation.
Richard M. NixonAs this long and difficult war ends, I would like to address a few special words to the American people: Your steadfastness in supporting our insistence on peace with honor has made peace with honor possible.
Richard M. NixonBut above all, what this Congress can be remembered for is opening the way to a new American revolutiona peaceful revolution in which power was turned back to the peoplein which government at all levels was refreshed and renewed and made truly responsive. This can be a revolution as profound, as far-reaching, as exciting as that first revolution almost 200 years agoand it can mean that just 5 years from now America will enter its third century as a young nation new in spirit, with all the vigor and the freshness with which it began its first century.
Richard M. Nixon