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CONFIDENTIAL
SU - 11th Draft
1/22/71
- 4 -
The second great goal is to achieve what Americans have not
enjoyed since 1957 -- full prosperity in peacetime.
The tide of inflation has turned. The rise in the cost of living,
which had been gathering dangerous momentum in the late Sixties,
was reduced last year. Inflation will be further reduced this year.
But as we have made the move from runaway inflation toward
reasonable price stability and as at the same time we have made
the move from a wartime economy to a peacetime economy, w'e have
paid a price in unemployment. One million, nine hundred thousand
jobs came to an end in our armed forces and defense plants in this
past two years.
We should take no comfort from the fact that the level of unem-
ployment in this transition from a wartime to a peacetime economy
is lower than in any peacetime year of the 1960s.
This is not good enough for the man who is unemployed in the
Seventies. We must do better for workers in peacetime and we will
do better.
To achieve this, I will submit an expansionary budget this year
- - one that will help stimulate the economy and thereby open up new
job opportunities for millions of Americans.
CONFIDENTIAL
30
+
5
203
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"ocrText": "CONFIDENTIAL\nSU - 11th Draft\n1/22/71\n- 4 -\nThe second great goal is to achieve what Americans have not\nenjoyed since 1957 -- full prosperity in peacetime.\nThe tide of inflation has turned. The rise in the cost of living,\nwhich had been gathering dangerous momentum in the late Sixties,\nwas reduced last year. Inflation will be further reduced this year.\nBut as we have made the move from runaway inflation toward\nreasonable price stability and as at the same time we have made\nthe move from a wartime economy to a peacetime economy, w'e have\npaid a price in unemployment. One million, nine hundred thousand\njobs came to an end in our armed forces and defense plants in this\npast two years.\nWe should take no comfort from the fact that the level of unem-\nployment in this transition from a wartime to a peacetime economy\nis lower than in any peacetime year of the 1960s.\nThis is not good enough for the man who is unemployed in the\nSeventies. We must do better for workers in peacetime and we will\ndo better.\nTo achieve this, I will submit an expansionary budget this year\n- - one that will help stimulate the economy and thereby open up new\njob opportunities for millions of Americans.\nCONFIDENTIAL\n30\n+\n5\n203"
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