Nixon White House Tapes — Conversation 562-004
Date: Thursday, August 12, 1971 at 12:24 PM
Participants: Nixon, Richard M. (President); Sanchez, Manolo; Bull, Stephen B.
Recording device: Oval Office
Source: https://www.easynixon.org/tapes/562-004

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 Do not cite it as authoritative.

[3:16:34] The stock market just took a treatment of this.
[3:16:39] And the economy was bugging, so there was lots of talk about another downturn.
[3:16:45] So those years, 62, 63, those were the years.
[3:16:47] Interesting thing also, Mr. President, that it's hard to explain to people, but the composition of unemployment in those days, 61, 2, and 3, was a lot more serious than the composition of unemployment today.
[3:17:01] We've got a lot of part-time.
[3:17:03] Yeah.
[3:17:03] Yes, that's a hard employment problem.
[3:17:04] Yeah, primarily really a problem for our time and younger people.
[3:17:06] Whereas there, the bad employment problem was, it was basically, very basic.
[3:17:07] They called it structural unemployment.
[3:17:08] It was involved in regular, regular search, I'm sure, from the very beginning.
[3:17:09] And well, it was a national problem.
[3:17:10] Our instance is localized.
[3:17:11] It is primarily where we cut back on spending.
[3:17:11] And that's where it's worse.
[3:17:12] That's where it's, that's where we've been really very stiff.
[3:17:33] In those years, I remember it very well.
[3:17:35] It was just areas that were chronically depressed and had been for three or four years of unemployment with high levels of unmarried men and pregnant women.
[3:17:46] Unfortunately, people forget this, but we're much better today than we were in those years.
[3:17:55] Even at the worst point for unemployment this year, even at 6.2, it wasn't anything lighter than he did.
[3:18:01] Yes, that's right.
[3:18:02] I'm curious.
[3:18:02] The one for Mary Ben, that greatest one, that was lower than it's been, any of those things.
[3:18:08] Well, that's what people think about it.
[3:18:09] Yeah.
[3:18:10] R.I.P.
[3:18:11] to your friends.
[3:18:12] Hey, this is what you're banging about.
[3:18:15] Keep fighting.
[3:18:16] We'll be in the end.
[3:18:18] Right, right.
[3:18:18] That's right.
[3:18:19] That's what I'm saying.
[3:18:21] We're on my side.
[3:18:21] That's it.
[3:18:22] I mean, I've got a question.
[3:18:23] Peter?
[3:18:26] Well, thank you very much.
[3:18:29] Thank you very much.