551–11

Conversation No. 551-11

Date: July 29, 1971
Time: 1:01 pm - 1:48 pm
Location: Oval Office
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



The President met with George P. Shultz.

The President's July 29, 1971 schedule
-Congressmen
-Ambassadors
-Distributive Education Clubs of America [DECA]
-John G. Tower, William D. Eberle, Martin C. (“Marty”) Anderson
-Amount of time Conv. No. 551-10 (cont.)
Economy
-John D. Ehrlichman
-Announcements
-Leading indicators
-Reason for decrease
-Previous month's housing permits
-Industrial materials prices
-Indicator of expansion
-July 28, 1971 event with Republican leaders
-Dwight D. Eisenhower analogy
-Carl B. Albert
-Health
-George H. Mahon

Steel industry
-Offer
-I[lorwith] W. Abel
-Cost-of-living escalation issue
-J. Curtis Counts
-Possible action by Shultz
-Strike prospects
-Steel strike deadline
-Momentum
-Management offer
-Wage offer
-Administration's option

Economy
-Statistics
-Inflation
-Recent trends
-1968, 1970, 1971
-Gross National Product [GNP] and Consumer Price Index [CPI]
-Arthur F. Burns’ comments
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NIXON PRESIDENTIAL MATERIALS STAFF

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-Progress
-Shultz's conversation with Republican Senators
-Options on wages and prices

Railroad industry
-Willie J. Usery's trip to Cleveland
-Meeting with Charles Luna
-Prospects of negotiated settlement Conv. No. 551-11 (cont.)
-Possible meeting of the President and railroad management and labor leaders
-Format
-Postal Service meeting precedent
-Option
-Legislation
-Emergency Board recommendations
-Commerce Department
-Luna's comments about Congress
-Work-rules issue
-Administration stance
-Precedent
-Management

Airline industry
-Legislative action

Automobile industry
-Profits
-General Motors [GM]

Productivity Commission
-Scheduled meeting
-Possible statement by the President
-Time magazine article
-Effectiveness of commissions
-Budget

International monetary issues
-Treasury Department proposals
-Cessation of gold convertibility
-Dollar exchange rate float
-Wage-price controls
-Options
-The President's conversation with John B. Connally
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NIXON PRESIDENTIAL MATERIALS STAFF

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-Peter G. Peterson
-Timing of possible action
-September, August
-Forthcoming International Monetary Fund [IMF] meeting
-Options
-Treasury, Council of Economic Advisors [CEA]
-Presidential action
-Paul A. Volcker Conv. No. 551-11 (cont.)

The economy
-Wage and price freeze
-President’s conversation with Connally
-Timing
-Effect
-Implementation separately or as part of package
-Export rebates
-Import tax
-Peterson
-Gold convertibility
-Paul W. McCracken
-Dollar float
-Impact on jobs
-Political effect
-Action options
-Connally, McCracken, Volcker, Peterson
-Volcker
-Recommendations
-Viewpoint
-Burns
-Congressional action
-Volcker
-Judgment
-GNP
-Second quarter figures
-Retail sales figures
-Unemployment figures
-Wholesale price index
-International issues
-Sensitivity
-Gold convertibility
-Paperwork
-Unemployment
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NIXON PRESIDENTIAL MATERIALS STAFF

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-June 1971 figures
-Unadjusted figures
-January 1970, May 1971, June 1971
-Seasonal adjustment
-Unadjusted figures
-Method of compilation
-Comments
-Pierre Rinfret Conv. No. 551-11 (cont.)
-Economic trends
-Rinfret's forecast
-McCracken’s presentation
-Alan Greenspan

Budget
-Defense Department
-Coordination
-Henry A. Kissinger
-Office of Management and Budget [OMB]
-Role
-Kissinger
-Defense Department staffing, funding and management
-Navy
-Air Force
-Army
-Post-1972 election action
-Intelligence agencies
-Caspar W. (“Cap”) Weinberger
-Kissinger
-Attitude
-Staff
-Central Intelligence Agency [CIA]
-Defense Intelligence Agency [DIA]
-Forthcoming meeting request
-General budget
-Cuts
-Balanced budget
-Government workers
-Increase in average salary (grade) levels
-Effect of cuts of federal agencies
-Personnel costs
-Minority business enterprises
-Work with Maurice H. Stans
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
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-Handling
-Timing
-Supplementals
-Fiscal year 1972
-Amount of income
-Confidence of the public in the economy
-Businessmen
-Appropriations bills Conv. No. 551-11 (cont.)
-Commerce Department
-Agriculture Department
-Health, Education and Welfare [HEW] Department
-President's budget goals compared to Congressional action
-Shift of defense appropriation
-Congressional responsibility for budget increases
-Revenue sharing versus responsible budgeting

The President and Shultz left at 1:48 pm.