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OCR Page 1 of 165THE WHITE HOUSE
WASHINGTON
The Western White House
San Clemente
July 25, 1974
MEMORANDUM FOR:
FROM:
THE PRESIDENT Rurn
RAY PRICE
SUBJECT:
ECONOMIC SPEECH
The 6th draft is attached. It incorporates your changes
on the 5th, plus a few others, mostly minor. The one change
I've made that I would flag for your attention is on page 7.
That's the part following "We will continue to monitor every
sector of the economy, 11 where you took out not only the
reference to improved unemployment compensation, but also
the line that "we will be prepared to move decisively when
one sector has a particular problem. " In taking this out, I
substituted a line saying: "We will take what actions are
necessary to prevent distress. 11 The purpose of this, originally,
was both to cover such actions as the signing of the feedlot
operators' bill, and also to signal reassurance to those who
might worry that they'd be left stranded in policies of anti-
inflationary austerity. But you'll want to look at it, and see
whether you do want this substitute included.
This draft has been reviewed and okayed by both Herb
Stein and Ken Rush.
Jerry Warren hopes very much to have an advance text
available as early as possible. I think he's right that we'll
get better play on this one if we give them some time to
write -- particularly with the West Coast deadline problem.
Attachment - 6th Draft
PS: My preliminary word count is 3411; we're
doing a careful check, and will phone the final
to Manolo.
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