Nixon White House Tapes › Tape 320 › Conversation 320-005

Nixon alone in his EOB office on Economic policy and Productivity

Monday, February 7, 1972 · 7:15 PM–9:05 PM ET · Old Executive Office Building · 5 min

ParticipantsNixon, Richard M. (President)Conversation320-005 on Tape 320 (tape position 00:13:48–00:19:15)StartMonday, February 7, 1972 at 7:15 PMEndMonday, February 7, 1972 at 9:05 PMRecording deviceOld Executive Office BuildingSourceNixon Library record for 320-005 ↗

AI Summary

President Richard M. Nixon practiced a public address titled "Industrial World Ahead: A Look at Business in 1990," focusing on America's economic competitiveness and global role. He analyzed the nation's declining productivity relative to international rivals and the impact of the first U.S. trade deficit since the 1830s. The speech aimed to frame the necessity of temporary wage and price controls within a broader commitment to free-market principles and the revitalization of the American spirit.

Audio

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Transcript (AI-generated)

This transcript is incomplete. The transcription skipped stretches of speech — roughly 1 minute of this recording (about 22% of it) is represented by only a few words. Listen to the audio rather than relying on the text below; a corrected transcript is queued.

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 Do not cite it as authoritative — verify against the audio and the finding aid.

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There has never been a time when a hard searching of the heavens was more essential.
We cannot really plan for the industrial world ahead without considering the total picture of the world of the future.
What we as a nation must do to increase the course of history for a more free generation.
What kind of people do we have to be to make a difference in our children's lives and the world of tomorrow?
These are profound questions, a kind that all too many people consider themselves too busy to deal with.
The American dream is too important to be left to the dreamers.
Practical men have to examine their ideals and shape the future to lead them to their goals.
The people of the United States of America make up 6% of the population of the world.
What does that picture mean?
First, it means that we have a great deal to be proud of.
Six percent of the people of the world produce one-fifth of the world's steel, one-third of all electric power, one-third of all automobiles, then even our most severe critics will have to admit that the American economic system must be doing something right.
The fact that we number only six out of every hundred people in the world means something else must give us pause.
It means that we who believe in majority rule are a minority group.
If we are to lead, we cannot lead by force, of arms, or by way of wonders.
We can lead only by the force of our example, the fault of our mission.
What is it that has brought this six percent, this minority of the world that calls itself the now, the highest standard of living, the highest expression of human freedom?
What is it that propels this nation forward, the coming generation, to lead mankind in its search for a better life and a world of peace?
I am convinced that the answer lies
We owe it a net and tangible cost.
Call the American spirit.
In today's world, that spirit is being tested.
America is being tested.
We've got to learn, once again, to compete.
The only way to compete is on the basis of our own productivity.
In the past, America has been able to pay the highest wages in the world, enjoy the highest kinds of living in the world, and still compete in the world's markets because we have the best technology and the highest productivity.
But while other nations have been modernizing, while others have been spurting ahead of productivity in America, we have left productivity still.
We have neglected capital investment.
We have fallen behind other nations in the attention and support we give to the applied science, to advances in technology.
We can be proud of our record of generosity in the years since World War II.
With your help, the health of business and life, old enemies as well as old friends have gotten back on their feet, and new nations have been started on the long road across
This help has been good for other nations and good for the world in the long run and good for America.
But let us see where we are now.
During the decade of the 1960s, exports of American manufactured goods increased by 110%.
During the same 10 years, exports of German manufactured goods rose by 200%, Canada's by 285%, Japan's increased first exports of manufactured goods by 40%,
This is one measure of the competition we face, and one reason why, last year, America suffered its first trade deficit since the 1830s.
The nation suffers now instead.
They go forward, and they fall back.
America has to observe herself.
We have to be at our best if we are to remain competitive in the world.
In business and in life, there is a time to cut the city terms.
This administration, we've made some tough decisions in order to help get the economy back on its feet in the transition to low income.
On a stable basis, we're pulling money, moving forward in a sustainable way.
I believe in economic freedom.
I believe that the best economy for America is a free market.
Faced with the choice of wage and price controls, I continue to question why I chose temporary controls.
Our goal is to remove the controls, get rid of the dust, once we have borrowed our price

NARA Description

On February 7, 1972, President Richard M. Nixon met in the President's office in the Old Executive Office Building at an unknown time between 7:15 pm and 9:05 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 320-005 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 320-5

Date: February 7, 1972
Time: Unknown between 7:15 pm and 9:05 pm
Location: Executive Office Building

The President practiced a speech entitled Industrial World Ahead: A Look at Business in 1990.

[See also Conversation No. 320-1]

Also recorded on February 8, 1972

  • 319-020 7:15 PM · 10 min — President Richard M. Nixon met in the President's office in the Old Executive Office Building at an unknown time between 7:15 pm and 11:59 pm.
  • 320-001 7:15 PM · 12 min — President Richard M. Nixon met in the President's office in the Old Executive Office Building at an unknown time between 7:15 pm and 9:05 pm.
  • 320-002 7:15 PM · 15 sec — President Richard M. Nixon and Stephen B. Bull met in the President's office in the Old Executive Office Building at an unknown time between 7:15 pm and 9:05 pm.
  • 320-003 7:15 PM · 3 sec — President Richard M. Nixon and Manolo Sanchez met in the President's office in the Old Executive Office Building at an unknown time between 7:15 pm and 9:05 pm.
  • 320-004 7:15 PM · 8 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 7:15 pm and 9:05 pm.
  • 020-055 8:52 PM · 10 sec — President Richard M. Nixon and the White House operator talked on the telephone at 8:52 pm.
  • 320-006 8:52 PM · 5 sec — President Richard M. Nixon and Stephen B. Bull met in the President's office in the Old Executive Office Building on an unknown date, sometime between 8:52 pm on February 7, 1972 and 10:21 pm on February 8, 1972.
  • 020-056 10:21 AM · 26 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 10:21 am and 12:28 pm.

All 48 conversations from February 8, 1972 →

Cite this conversation

Conversation 320-005, February 8, 1972. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/320-005 (accessed October 2, 2026).