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OCR Page 1 of 77EXCERPTS FROM A BRIEFING WITH SECRETARY CONNALLY
the President has, over the past several weeks and months,
sought advice from a great many people, a great many sources in
and out of the government. He has paid particular attention to the
progress of economic expansion, to all of the factors in this
economy, as he will continue to do.
The President feels that it is very important to clear up
whatever confusion, whatever misunderstanding there might be in
the minds of the people and to make it abundantly clear what his
views are and what his policies are.
-he has considered, at great depth, all of the advice he has had
from all of the many sources. He has come to the conclusion that:
1. He is not going to institute a Wage-Price Board.
2. He is not going to impose mandatory wage and price
controls.
3. He is not going to ask the Congress for a tax reduction.
4. He is not going to engage in further spending, provided
that it is not directly related ot the immediate reduction
of the unemployed.
These decisions were arrived at based on his analysis of what
is transpiring and what has transpired and what he believes will happen.
He has every confidence in it, as do I. In the first place, I don't
think there is any credible economist in this country that doesn't be -
lieve this economy isn't expanding. It is expanding beyond any
question.
There is not any question but what housing is running at a rate of 1. 9
million starts. Building permits are running at a rate if 1. 870 million.
This is probably even more significant.
There is not any question but what retail sales are running at a very
high rate, around $32 billion.
Reproduced at the Richard Nixon Presidential Library and Museum