In Washington on Monday after giving the details of his drastic new economic measures to revive the U.
GV Washington ZOOM in on White House.
CU President Nixon
GV's Wall Street Stock Exchange (six shots)
TRANSCRIPT SEQ 2: NIXON: "The time has come for a new economic policy for the United States. Its targets are unemployment, inflation, and international speculation. This is how we are going to attack these targets. First, on the subject of jobs. We all know why we have an unemployment problem. Two million workers have been released form the armed forces and defence plants because of our success in winding down the war in vietnam. Putting these people back to work is one of the challenges of peace. And we have begun to make progress. I have ordered a ten per cent cut in foreign economic aid. In addition since the Congress has already delayed action in two of the great initiatives of this administration, I will ask Congress to amend my proposals to postpone the implementation of revenue sharing for three months in welfare reform for one year. In this way I am re-ordering our budget priorities so as to concentrate more on achieving our goal of full employment."
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Background: In Washington on Monday after giving the details of his drastic new economic measures to revive the U.S. economy, President Nixon explained the reason for taking what has been described as a real change of direction in his administration's economic policy:
Wall Street reacted immediately with enthusiasm to the measures. It was said that no such positive reaction had been seen in the Stock Market since Lyndon Johnson announced he would not seek re-election.