Nixon White House Tapes — Conversation 445-039
Date: Wednesday, June 13, 1973 at 7:17 PM
Participants: Nixon, Richard M. (President)
Recording device: Old Executive Office Building
Source: https://www.easynixon.org/tapes/445-039

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Do not cite it as authoritative.

[0:00] Good evening.
[0:02] I want to tell you tonight about some strong actions I have ordered today with regard to the American economy, actions which will be important to you in terms of the wages you earn and the prices you pay.
[0:19] But first, since we have been hearing so much in the past month about what is wrong with the American economy, let me tell you this.
[0:24] Let us look at some of the things that are right about our economy.
[0:25] We can be proud that the American economy is by far the greatest and strongest and most productive economy in the world.
[0:29] It gives us the highest strength of the living.
[0:38] We are in the middle of one of the biggest, strongest booms in our history.
[0:45] More Americans have jobs today than ever before.
[0:46] The average worker is earning more than ever before.
[0:49] Your income buys more today than ever before.
[0:51] In August 1971, I announced a new economic policy.
[0:53] Since then, the nation's output has increased by a phenomenal 11.5%.
[0:55] A more rapid growth than any comparable period in the last 21 years.
[0:58] Four and a half billion new civilian jobs have been created, more than any comparable period in our history.
[1:12] At the same time, we overcap our disposable income.
[1:14] That means what you have left to spend after taxes and after inflation has risen by seven and a half percent.
[1:18] This means that in terms of what your money will actually buy, in the past year and a half, your annual income has increased by the equivalent of four weeks' pay.
[1:24] When we consider these facts, therefore,
[1:26] We can say that in terms of jobs, of income, of growth, we are enjoying one of the best growths in our history.
[1:41] We have every reason to be optimistic about the future, but there is one great problem that rightly concerns every one of us.
[1:48] This is rising prices, especially rising food prices.
[1:49] By the end of last year, we had brought the rate of infection down to 3.4% here, as the best record against inflation in 1972 of any major generation.
[1:54] But now prices are going up at an unacceptably high rate.
[2:49] All right.
[3:32] Christ, we thank you, Lord.