Remarks to a National Association of Manufacturers Teleconference

Good morning, Mr. Gullander, ladies and gentlemen:

I regret that I am unable to be with you today in person, but I do wish to take this opportunity to greet you and to make a few remarks on the subject of this very important NAM teleconference. I am happy to report that the 90-day wageprice freeze we put into effect in mid-August has been extraordinarily successful. This success has been a great tribute to the patriotism and the pride of the American people.

In just over 2 weeks we shall move into the post-freeze program. In formulating this economic stabilization program, I have talked with representatives of all segments of the population, including labor leaders, business leaders, manufacturers, agricultural groups, industrialists, Congressional leaders, and consumers. Through this program the existing price and wage freeze will be replaced by price and wage control exercised by the Pay Board and the Price Commission working with the Cost of Living Council.

We are confronting inflation head on with this program. We have launched an offensive in this battle against inflation, and we are going to win this battle. I say that with confidence because the American people and you, an important and influential segment of the American people, have shown such cooperation during Phase 1.

The ideal of prosperity in a world of peace has caught the imagination and summoned up the will of the American people. And I call upon you this morning, the leaders of American business, to join with me during the post-freeze period in the great task of revitalizing America's economy so that together we can achieve that great goal of full prosperity in a world of peace.

I wish you every success in today's NAM teleconference.