Hard-coded numbers as percentage goals for inflation, enshrined into law, with no prescription of how any of it can be achieved or what the remedy is if not achieving them, was simply hilarious when I first read it.
Re Nixon, price controls / WIN are just some of the things he messed up in his economic policies.
Viz. Nixon: Yup. I was actually flabbergasted the first time I started reading up on his actual economic policies and whatnot. Ever since I was little, Nixon was always portrayed as sort of the uber-evil-right-winger/conservative, the hobgoblin/bogeyman that was supposed to be haunting the Reagan years, but it turns out that in many respects his economic policies would be considered to be those of a hard-core flaming left-wing liberal these days.
Yes, President Nixon's wage and price controls were an abomination. If memory serves, though, WIN ("Whip Inflation Now") was President Ford's program.