Question

In the 1970s, the U.S. government set the price for gasoline around one dollar per gallon. Define price controls and describe how some people believe they protect competition.

Answer 1

Actually President Nixon enacted a Wage/Price freeze which curbed inflation and prevented established company form lowering prices against new company protects. The inflation really got bad in the US, 10 - 12%, around 1980 that is why President Reagan initiated some of his programs. The result was lower inflation, 2-3%, for the last 30 years but real wages declined 50% and Corporate profits have increased 50%. This is the widening separation between the rich and poor, where the middle class is essentially disappearing. At least President Nixon was honest where the Corporate take over of our government in the last 30 years is not.