President Nixon called on Americans to sacrifice bigger wages, profits and dividends to help the country stem the rising cost of living and protect the dollar from foreign speculators in a speech on Tuesday (17 August) evening.
GV New York skyline (2 shots)
SCU Nixon speaks
TRANSCRIPT SEQ 2: NIXON: "For America has become great not because of what Government has done for people but because of what people have done for themselves and for this country. That is the secret for America (applause). And now we have some challenges for America and this time when we are very rich and very strong. It's not easy for a working man to forego for a time a wage increase that he deserves. And it's not easy for a businessman to hold the line on prices when his costs are high and profits are slim. And it's not easy for a federal employee to cover the same amount of work with less personnel because of a cut in federal spending. It's not easy for investors in stocks--and there are more than twenty million of them in America--to forego an increase in dividends. All of these we have asked American people to do. But I say that if the temporary sacrifice of each of these groups of America will result in stopping the rise in the cost of living for all Americans, this is a great goal, and this is worth sacrificing."
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original of different part of speech on 9874/71
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Background: President Nixon called on Americans to sacrifice bigger wages, profits and dividends to help the country stem the rising cost of living and protect the dollar from foreign speculators in a speech on Tuesday (17 August) evening.
Mr. Nixon, seeking support for his drastic economic programme unveiled earlier this week, said: "It's easy to sit back and criticise, it's hard to make the sacrifices, do the work, make the extra effort that makes the difference between a nation on the way down and a nation on the way up."
The President's pleas for support came in remarks made to the international meeting of the knights of Columbus, a Catholic men's organization, at a hotel in New York.
Mr. Nixon said his new economic plan was designed to create more jobs, halt the cost of living rise, and "defend the American dollar against the attacks of international manipulators." The plan, prompted by continued inflation at home, rising unemployment, a deteriorating trade balance and massive foreign speculation against the dollar, includes a 90-day wage and price freeze, temporary suspension of the 37-year-old United States pledge to redeem dollars for gold and a ten per cent duty on imports.