275–9

Conversation No. 275-9

Date: September 7, 1971
Time: 12:56 pm - 2:10 pm
Location: Executive Office Building

The President met with Raymond K. Price, Jr.

Draft of economic speech to Congress, September 9, 1971
-The President's perusal
-John B. Connally
-Cost of living
-Comments and criticism
-Revision
-Line
-Multiple use
-Tax proposal
-Tax cut
-Revisions
-Job development credit
-Justification
-Deletion of sentences
-10% cut
-Point previously made by Connally, Paul W. McCracken
-Controversial nature of program
-Working force
-Points of speech
 9

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 275-9 (cont.)


-Business
-Incentives, competition
-Workers
-Wage earners
-Productivity
-Making America competitive
-World market
-The President's August 15, 1971 address
-Reiteration of arguments
-New jobs
-Number
-Emphasis
-Use of figures
-Problems
-Need
-Proposals
-Creation of 500,000 new jobs
-Estimates
-Congressional cooperation
-Wording
-90-day freeze
-Five billion dollar spending cut
-Creation of jobs
-Tax reductions
-Figures
-Separation of Congressional and Presidential action
-Explanation of actions
-Sequence of actions ordered in August 15, 1971 speech
-Freeze on wages and prices
-International front
-Revenue sharing and welfare reform
-Status
-Reduction in government cost
-Reason
-Cooperation from Congress
-Restraint in budget expenditure
-Tax cuts
-Spending outs
-Restraint of inflation
-Rise in cost of government
-Tax cuts
 10

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 275-9 (cont.)


-Postponement of effective dates of revenue sharing and welfare reform
-Spending cuts
-Reduction of government personnel
-10% on foreign economic aid
-Revenue sharing
-Welfare reform
-Tax reform
-Proposed action
-Priorities
-August 15, 1971 speech
-Congress
-Enactment of tax proposals
-Structure of speech
-Postponement
-Budget
-Restraint
-Postponement
-Adjust budget
-Prosperity without inflation
-Second draft
-Progress in international relations
-Generation of peace
-Poker analogy
-Image
-Perceptions
-Harry S. Truman
-The President's background
-International context
-Latin America
-Japan
-Forthcoming Japanese visit to Washington
-Economic competition
-National greatness
-Poker game analogy
-Use of theme
-Use of images
-Public memory
-Public sacrifice, challenges
-Focus of speech
-\"Blood, sweat, and tears\"
-Relation of phrase to the President's speech
 11

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 275-9 (cont.)


-Reality of situation
-Structure of speech
-Focus
-Wage and price freeze
-Spirit of American people
-Cooperation
-Cost of living
-Challenges
-Economic controls, free enterprise system
-Input from Peter G. Peterson, John D. Ehrlichman
-Creation of 100 million new jobs
-Wage and price stabilization in post-freeze period
-Control
-Governmental role
-Business
-Labor
-1980
-New jobs
-Price’s conversation with unknown man
-Application of technology to solve problems
-Research and development as percentage of Gross National Product
[GNP]
-Compared with other countries
-National Aeronautics and Space Administration [NASA]
-Nuclear breeder reactors
-Industry
-Focus, planning
-Free enterprise system
-Japan
-Planning of research and development
-US position in the world
-Successful US lunar landings
-Application to economic problems
-Congress
-Cooperation
-Wage and price controls
-Program implementation
-American work ethic
-Perceptions of the good life
-Wage earners, welfare recipients
-State of the economy
 12

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 275-9 (cont.)


-Challenges
-US position
-Healthy economy, government
-Congress
-Postponement in reform implementation
-The US and the world
-Tariffs and quotas
-Image of wall
-Competition
-Reaction to challenges
-American past history
-Discovery of New World
-Space exploration
-Image of wall
-The US as a great power
-Ehrlichman, George Shultz

The President talked with Ehrlichman at an unknown time between 12:56 pm and 2:10 pm.

[Conversation No. 275-9A]

The President's speech on economic stabilization
-Meeting with Price
-Projections and goals
-100 million jobs
-Reform proposals
-Tax cuts
-Research and development
-American accomplishment
-Apollo program
-Ehrlichman's possible meeting with Price
-NASA
-Forthcoming State of the Union address
-Tax reform
-Shultz
-[Connally’s] recommendations
-August 15, 1971 speech
-Time factor
-Ehrlichman's forthcoming conversation with Price
-Connally
-Scheduling
 13

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 275-9 (cont.)



[End of telephone conversation]

Draft of economic speech
-Congress
-Tax bill
-Competition
-Inflation
-Effects
-Virus metaphor
-Differentiation between ideas and programs
-Tax reform
-Creation of jobs
-Use of technology to meet challenges
-NASA
-Wage and price stabilization
-Way-station analogy
-Tax reform
-US competitive position in the world
-Astronauts as symbol of accomplishment
-Draft revisions
-Forthcoming meeting with the President in the evening

Price left at 2:10 pm.