Nixon White House Tapes › Tape 273 › Conversation 273-047

Nixon alone in his EOB office on New Economic Policy and Speechwriting

Sunday, August 15, 1971 · 7:24 PM–7:34 PM ET · Old Executive Office Building · 8 min

ParticipantsNixon, Richard M. (President)Conversation273-047 on Tape 273 (tape position 04:34:27–04:42:12)StartSunday, August 15, 1971 at 7:24 PMEndSunday, August 15, 1971 at 7:34 PMRecording deviceOld Executive Office BuildingSourceNixon Library record for 273-047 ↗

AI Summary

President Nixon held this session to refine and rehearse a major televised address outlining his New Economic Policy. He worked through the specific language of the speech to ensure that key points regarding job creation, fiscal responsibility, and the protection of the dollar were communicated effectively to the public. The discussion focused on balancing complex economic proposals, such as investment tax credits and tax exemptions, with language that resonated with the average citizen.

Audio

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Position in tape: 04:34:27 – 04:42:12

part C, 29:47

273a.mp3
273b.mp3
273c.mp3

NARA Description

On August 15, 1971, President Richard M. Nixon met in the President's office in the Old Executive Office Building at an unknown time between 7:24 pm and 7:34 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 273-047 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 273-47

Date: August 15, 1971
Time: Unknown between 7:24 pm and 7:34 pm
Location: Executive Office Building

The President rehearsed a speech.

[See Public Papers of the Presidents, Richard M. Nixon, 1971, pp. 886-891]

Transcript (AI-generated)

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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You know, that was in 1777, 75, at the dawn of our most exciting era in the history of man.
I think I would say that the birth of the American nation.
And let me say, many Indian people believe America's seen the best day.
That was in 1775, at the dawn of our most exciting era in the history of man.
It might be the most exciting era of where?
Everybody would be all saying that.
from the name, for some percent, but at that time, this is the way it reads now, you see that's in the text.
That was in 1775 at the dawn of the most exciting era in history, and maybe that has to be changed now.
Well, I'm not narrowing it to that, I mean, that was, I mean, that's the beginning of it.
The birth of the American nation was the beginning of the most exciting era in history.
You see what I mean?
It isn't related as it presently stands to the American, to the beginning of America.
That's my problem.
That's the American Revolution.
Just before the American Revolution.
after going for almost two studies here in the United States of America.
I don't know about you, but you've got that changed now.
That was in 1775.
I used to sit there and just before the American Revolution, that was in 1775, just before the American Revolution.
Just before the American Revolution.
Just before.
That was just before the American Revolution.
The dog wanted to cut him.
Come back to the Ottawa thing.
I wonder if it's, despite our, you know, they deserve everything, if, having in mind that we've really got to work with these people, if it's really worth doing this, who do you hope to be satisfied with?
It is.
Well, if you suggested it anyway, you just said, I insist.
I shall insist.
Right?
The view was that they just haven't been cooperative enough.
Right.
I shall insist.
Sorry.
Sorry.
But we're getting business out of a lot.
I've got to say, we're .
Insert another sentence, because I'm going to put it in orally, and I think it should be in the text, where we say, let me lay the rest of my evaluation.
If you cut out the next sentence, you're not really relating it to people enough.
I think we should, we have to put a question in there.
Just before we say, let me lay the rest of it, I should say, what does this actually mean for you?
Let me lay the rest of it.
Let me lay the rest of it for you.
What does this actually mean for you?
Do you want to buy it for me?
See what I mean?
We're on the road to the economies of the nation.
Europe and Asia were frustrated.
It's not a very good word for an average person.
Should we just say on their backs?
Yeah, or prostrate.
Well, prostrate would be a good name.
Shattered.
Shattered.
Yeah, a lot of people don't quite get that.
I think we're...
Okay.
Shattered.
in any event, I'm going to deliver it that way, and how I deliver it is the way that text must be put out.
So when the rows are already tied, they already run the thing.
Well, in any event,
It's appropriate time for us to turn our attention to the challenges of peace.
America today is the best opportunity in a century to retain two of its greatest enemies, to bring about a full generation of peace, to create a new prosperity without war.
This not only requires bold leadership ready to take bold action, it calls forth the greatness of great people.
Prosperity without war requires action on three fronts.
We must create more and better jobs.
We must stop the rise of cosmopolitanism.
We must protect the dollar from the attacks of international monetary speculators.
We are going to take that action, not timidly, not half-heartedly, not in a piecemeal fashion.
We are going to move forward in a new prosperity without war and speak with the great people all together and along a broad path.
The time has come for a new economic policy for the United States.
Its targets are unemployment, inflation, and international speculation.
Here's how we're going to attack them.
First, on the subject of jobs, we all know why we have an unemployment problem.
Two million Americans have been released from the armed forces and defense plans because of our success in landing on the war in Vietnam.
Putting those people back to work is one of the challenges of peace.
We've got to do that in progress.
Our employment rate today is below the average of the four peacetime years of the 1960s.
But we can and must do better.
The time has come for American industry, which has produced more jobs at higher real wages than any other industrial system in history, to embark on a bold program of new investment in production for peace.
To give that system a powerful new stimulus, I shall ask the Congress, when it reconvenes after its summer recess, to consider as its first priority the enactment of the Job Development Act of 1971.
I propose to provide the strongest short-term incentive in our history to invest in new machinery and equipment to create new jobs for Americans.
A 10% job development credit for one year.
Effective asset today with a 5% credit after August 15, 1972.
This tax credit for investment in new equipment will not only generate new jobs, it will raise productivity and make our goods more competitive in the years ahead.
I propose to repeal the 7% excise tax on automobiles in factory today.
This will mean a reduction in price of about $200 per car.
I shall insist that the American auto industry pass this tax reduction off to its nearly 8-figured customers who are buying automobiles this year.
Lower prices will mean that more people will be able to afford new cars, and every additional 10,000 to 100,000 cars sold means $25,000 in new jobs.
I propose to speed up the personal income tax exemption scheduled for January 1, 1973 to January 1, 1972, so that taxpayers can deduct an extra $50 for each exemption one year earlier than planned.
This increase in consumer spending will provide a strong boost to the economy in Chapman and to replacement particulates.

Also recorded on August 15, 1971

  • 273-046 7:14 PM · 7 min — President Richard M. Nixon and William L. Safire met in the President's office in the Old Executive Office Building from 7:14 pm to 7:24 pm.
  • 273-048 7:24 PM · 6 sec — President Richard M. Nixon and the White House operator met in the President's office in the Old Executive Office Building at an unknown time between 7:24 pm and 7:34 pm.
  • 273-049 7:34 PM · 1 min — President Richard M. Nixon and William L. Safire met in the President's office in the Old Executive Office Building from 7:34 pm to 7:36 pm.
  • 273-050 7:36 PM · 7 min — President Richard M. Nixon met in the President's office in the Old Executive Office Building at an unknown time between 7:36 pm and 8:55 pm.
  • 273-051 7:36 PM · 15 min — President Richard M. Nixon met in the President's office in the Old Executive Office Building at an unknown time between 7:36 pm and 8:55 pm.
  • 273-052 7:36 PM · 38 sec — President Richard M. Nixon and Alexander P. Butterfield met in the President's office in the Old Executive Office Building at an unknown time between 7:36 pm and 8:55 pm.
  • 273-053 7:36 PM · 33 sec — President Richard M. Nixon and unknown person(s) met in the President's office in the Old Executive Office Building at an unknown time between 7:36 pm and 8:55 pm.
  • 273-054 7:36 PM · 1 min — President Richard M. Nixon met in the President's office in the Old Executive Office Building at an unknown time between 7:36 pm and 8:55 pm.

All 70 conversations from August 15, 1971 →

Cite this conversation

Conversation 273-047, August 15, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/273-047 (accessed November 2, 2026).