A confident President Nixon on Monday (4 January) promised the American people a prosperous future, based on full employment.
GV EXT White House
MV Nixon speaking (SOUND ON FILM)
TRANSCRIPT: NIXON: SEQ 2: "1971 is going to be a year of expending economy, in which inflation, the rise of inflation is going to continue to go down, in which unemployment, which is presently too high, will finally come under control and begin to recede. 1971 in essence will be a good year, and 1972 will be a very good year. Now having made that prediction, I will say that the purpose of this administration will be to have an activist economic policy, designed to control inflation, but at the same time to expand the economy so that we can reduce unemployment, and to have what this country has not had for 20 years, and that is a situation where we can have full employment in peacetime, without the cost of war, and without the cost of war, and without the cost of excessive inflation."
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Background: A confident President Nixon on Monday (4 January) promised the American people a prosperous future, based on full employment. He told a national television audience "1971 will be a good year. And 1972 will be a very good year."
The President appeared in an hour-long television interview to give an account of his stewardship during the first two years of is four-year White House term, and discuss what might lie ahead for America and the world.
The immediate result of President Nixon's optimism was a sharp increase in activity on Wall Street