Nixon White House Tapes › Tape 3 › Conversation 003-002

Nixon, Connally & Shultz on GNP and Economic growth

Tuesday, May 11, 1971 · 4:52 PM–4:53 PM ET · White House Telephone · 2 min

ParticipantsNixon, Richard M. (President); Connally, John B.; Shultz, George P.Conversation003-002 on Tape 3 (tape position 00:00:38–00:02:17)StartTuesday, May 11, 1971 at 4:52 PMEndTuesday, May 11, 1971 at 4:53 PMRecording deviceWhite House TelephoneSourceNixon Library record for 003-002 ↗

AI Summary

President Nixon, John Connally, and George Shultz discussed newly revised Gross National Product (GNP) figures for the first quarter of 1971. The data indicated a stronger-than-expected 7.1% real increase, surpassing the $30 billion growth mark. The participants expressed satisfaction with these economic indicators, noting that the strong start to the year would favorably impact annual projections ahead of the official public announcement scheduled for Friday.

Audio

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Transcript (AI-generated)

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Yes, sir.
George, Schultz just got a little piece of economic news I thought you'd like to hear about.
Here he is.
Great.
Hello?
Yes, sir.
John, I just got the revised GNP figures that'll be released Friday.
And the first quarter, instead of being up 28.5, is up 30.8.
Got them.
So we did get up above the 30 billion mark.
Up to 30, yeah.
And that's really, it's a 7.1% real increase instead of 6.5%.
7.1.
That's not the highest quarter-to-quarter increase ever, but it's in percentage terms, constant dollars, but it's damn near it.
Got it.
There were a few quarters back in the middle 60s.
Hmm.
So that really shows that our thinking hasn't been too far off.
That is great.
Gee, that's wonderful.
I'm amazed.
I thought you might get up to 29.5, maybe possibly 30, but 30.8, that's up over two percentage points.
Yeah.
Well, I mean up over $2 billion.
Yeah.
2.3 billion.
2.3 billion.
And the good thing about it in terms of our...
Annual estimate is anything that goes in the first quarter, of course, will count four times, so to speak, in the averaging.
So it's much better to get the rise in the first quarter than the last.
Gee, that's wonderful.
That's just great.
I couldn't be happier, George.
Thank you, sir.
That's Friday announcement.
Friday is the announcement day.

NARA Description

On May 11, 1971, President Richard M. Nixon, John B. Connally, and George P. Shultz talked on the telephone from 4:52 pm to 4:53 pm. The White House Telephone taping system captured this recording, which is known as Conversation 003-002 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 003-002

Date: May 11, 1971
Time: 4:52 pm - 4:53 pm
Location: White House Telephone

The President talked with John B. Connally.

[See Conversation No. 497-009B]

       Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542

     George P. Shultz
          -Economic news

Shultz talked with Connally at an unknown time.

     Gross National Product [GNP] figures
          -Increase
                -Compared with 1960's
          -Method of computation
          -Release date

Also recorded on May 11, 1971

  • 497-006 12:22 PM · 8 sec — President Richard M. Nixon and unknown person(s) met in the Oval Office of the White House at 12:22 pm.
  • 497-007 12:22 PM · 6 min — unknown person(s) met in the Oval Office of the White House at an unknown time between 12:22 pm and 2:10 pm.
  • 497-008 2:14 PM · 44 min — President Richard M. Nixon, Rose Mary Woods, Alexander M. Haig, Jr., H. R. ("Bob") Haldeman, Stephen B. Bull, and Ronald L. Ziegler met in the Oval Office of the White House from 2:14 pm to 3:08 pm.
  • 497-009 3:08 PM · 1 hr 56 min — President Richard M. Nixon, George P. Shultz, John D. Ehrlichman, John B. Connally, John N. Mitchell, Peter M. Flanigan, Alexander P. Butterfield, unknown person(s), H. R. ("Bob") Haldeman, White House operator, Roman L. Hruska, James O. Eastland, and Richard G. Kleindienst met in the Oval Office of the White House from 3:08 pm to 5:09 pm.
  • 003-001 4:50 PM · 4 sec — President Richard M. Nixon, White House operator, George P. Shultz, and John N. Mitchell talked on the telephone at an unknown time between 4:50 pm and 4:52 pm.
  • 003-003 4:53 PM · 3 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 4:53 pm and 7:10 pm.
  • 003-029 5:27 PM · 13 sec — President Richard M. Nixon and the White House operator talked on the telephone at 5:27 pm.
  • 003-004 7:15 PM · 1 min — President Richard M. Nixon and John B. Connally talked on the telephone from 7:15 pm to 7:16 pm.

All 17 conversations from May 11, 1971 →

Cite this conversation

Conversation 003-002, May 11, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/003-002 (accessed October 11, 2026).