I WAS very disappointed, and I hope that the General Motors action will not be viewed as a signal by other auto companies or other industries. In this critical period, the President of the United States cannot call on others to sacrifice if one or more parts of the economy decide to go it alone. It is essential at this time, particularly, that all segments of the economy, industry and labor, exercise restraint in their wage and price actions.
Note: On August 9, 1974, General Motors Corporation had announced an average price increase of 9.5 percent on its 1975 models.
The statement was read by Press Secretary J. F. terHorst at his news briefing at the White House on August 12. 1974.
Gerald R. Ford, Statement on a General Motors Price Increase for 1975 Automobiles and Trucks. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/256391