I might say that when the settlement was made the Nixon administration issued what they called a second inflation alert in which the General Motors settlement was branded as being inflationary and bad for the country.

Notes. Leonard Freel Woodcock (February 15 1911 – January 16 2001) was President of the United Auto Workers (UAW) and the first US ambassador to the People's Republic of China. While Leonard had been born in the United States his parents were British (though Mary was Irish by birth) and mother and son returned to the UK for the duration of the war.