Statement on a General Motors Announcement of a Reduction in 1975 Price Increases.

Topics:  General Motors

President Gerald Ford
August 21, 1974

I AM encouraged by General Motors' announcement today that it is reducing the amount of the price increases previously announced for its 1975 model cars and trucks. The consumer will save money, and the economy will benefit. I am confident that this action will be but one of many examples of restraint by management and labor as we all join in the fight against inflation.

Note: The average price increase for automobiles and trucks was reduced to 8.5 percent.

The statement was read by Press Secretary J. F. terHorst at his news briefing at the White House on August 21, 1974.