What did Richard Nixon do to handle economic issues of his presidency?
Richard Nixon implemented several economic policies during his presidency, including:
1. Wage and price controls: In 1971, Nixon introduced a set of economic policies called the New Economic Policy, which included a wage and price control program. The program aimed to curb inflation by freezing wages and prices for 90 days. The program was later extended several times but eventually ended in 1974 due to increasing public opposition.
2. The gold standard: In 1971, Nixon also ended the convertibility of the US dollar into gold, effectively abandoning the gold standard that had been in place since the Bretton Woods Agreement in 1944. This move allowed the US government to print more money to fund its spending programs and increased inflation.
3. Trade policies: Nixon implemented a series of trade policies, including the General Agreement on Tariffs and Trade (GATT), which aimed to reduce barriers to international trade. He also imposed a 10% import surcharge on all goods imported into the US in 1971 to counteract the US balance of payments deficit and protect domestic industries.
4. Revenue sharing: In 1972, Nixon signed into law the State and Local Fiscal Assistance Act, which provided grants to state and local governments to reduce their reliance on federal funding.
5. Environmental policies: Nixon also implemented several environmental policies during his presidency, including the establishment of the Environmental Protection Agency (EPA) in 1970 and the passage of the Clean Air Act in 1970 and the Clean Water Act in 1972.