JFK ANGRY AT STEEL EXECUTIVES PRICE HIKE DECISION
Washington, D.C. (JFK+50) On April 11, 1962, President John F. Kennedy made an opening statement at his news conference lambasting steel executives for their decision to raise prices. Mr. Kennedy called the action a "wholly unjustifiable and irresponsible defiance of the public interest."
JFK argued that the 'inflationary' price rise would result in higher costs for American consumer goods and make it more difficult to sell American products overseas.
The President said...
"The American people will find it hard...to accept a situation in which a tiny handful of steel executives...can show such utter contempt for the interests of 185 million Americans."
Pressure from the White House forced U.S. Steel and other major steel companies to roll back their price hike.
