THE OUTLOOK for the Nation's prosperity and price record improved this morning when General Motors announced its prices on 1969 passenger cars. The Cabinet Committee on Price Stability tells me that, if the General Motors' pattern prevails throughout the entire industry (including Chrysler):
--the wholesale price index for 1969 automobiles will increase by less than it did with the 1968 models;
--the consumer will be saved about $350 million by the difference between General Motors' more moderate action and Chrysler's earlier announcement.
This is a step in the right direction.
Moderation in automobile prices is a significant contribution to improving our price record and to reinforcing our unparalleled prosperity. In the months ahead, our progress requires the fullest restraint by business and labor in their price and wage decisions.
Note: For another statement by the President on this subject, see Item 485.
The above statement was released at San Antonio, Texas.
Lyndon B. Johnson, Statement by the President on Prices of New Automobiles. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/237445