President Nixon consulted with Office of Management and Budget Director George Shultz to review the current economic climate and address concerns regarding inflation and business confidence. The discussion focused on analyzing labor costs, productivity metrics, retail sales performance, and the complexities of monitoring unemployment trends, particularly regarding veterans. Nixon sought clarification on these economic indicators to better inform his upcoming meetings with the Quadriad and other advisors regarding potential wage and price control policies.
On June 14, 1971, President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 4:34 pm and 6:46 pm. The White House Telephone taping system captured this recording, which is known as Conversation 005-066 of the White House Tapes.
Nixon Library Finding AidConversation No. 5-66 Date: June 14, 1971 Time: Unknown between 4:34 pm and 6:46 pm Location: White House Telephone The President talked with the White House operator. [See Conversation No. 519-16] Call to George P. Shultz Conversation Conv. No. 5-66 No. (cont.) 5-67 Date: June 14, 1971 Time: 6:46 pm - 6:57 pm Location: White House Telephone The President talked with George P. Shultz. [See Conversation No. 519-17A] President's schedule -Meeting with Quadriad -John B. Connally Economy -Expansion -Inflation -Arthur F. Burns’ figures -Budget and monetary policy -Wage and labor cost figures -US businessmen's lack of confidence in US -Burns’ opinion -Previous meeting of Business Council -Impact of increase in output per manhour on labor costs -National City Bank report in H.R. (“Bob”) Haldeman's office -Paul W. McCracken -Economic condition of Armor division of Greyhound Corporation -Shultz's conversation with unknown man -Plant-equipment expenditures in American business -Inventory expansion -Sales -Retail sales (May 1971 figures) -McCracken's memo to President -Revising of figures -Sears, Montgomery Ward, J.C. Penney's -Unemployment and expansion of U.S. economy -Decline of actual unemployment -Seasonal factors in unemployment -Armed forces discharges and employment of veterans -Wage and price control system -Costs -Novelty
This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.