Anthony Salvanto, Jennifer De Pinto, Fred Backus at CBS:
Though a slight majority, along with most Democrats and independents, [Republicans] would be okay with government price controls.
Nixon tried price controls, and they inflicted economic damage that lasted through the 1970s. In his memoirs, he made a rare admission of error
What did America reap from its brief fling with economic controls? The August 15, 1971 decision to impose them was politically necessary and immensely popular in the short run. But in the long run I believe that it was wrong. The piper must always be paid, and there was an unquestionably high price for tampering with the orthodox economic mechanisms.
