Date: May 2, 1973
Time: 8:44 am – 9:25 am
Location: Oval Office
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NIXON PRESIDENTIAL LIBRARY AND MUSEUM
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The President met with Spiro T. Agnew, George P. Shultz, Herbert G. Stein, Arthur F. Burns,
Roy L. Ash, John T. Dunlop, and Kenneth R. Cole, Jr.
Greetings
Quadriad
-Intellect
-Burns
-President’s conversation with David Rockefeller, May 1
Economic Stabilization Act
-President’s signing statement
-Stein’s memorandum
Meeting format
-Briefing on national economy
-Stein
-Recommendations
-Dunlop, Shultz
Inflation
-Gross national product [GNP]
-Forecasts
-Profits and output
-Food
-Effect of weather
-Wage increases
-Consumer Price Index
-Farm products
-Effects of weather
-Decline in prices
-Retail food prices
-Department of Agriculture [USDA] reports
-Wholesale prices
-Wholesale Price Index
-Timing of release
-Farming
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-Field conditions
-Dryness
-Machinery
-Rain
-Cost of Living Council [COLC] meeting
-Donald A. Paarlberg’s remarks
-Corn crops
-Compared to wheat
-Wages
-Settlement
-Consumer Price Index
-Fiscal restraint
-Compared to monetary restraint
-Burns
Economic Stabilization Act
-May 3 decision
-Price control program
-Fiscal, monetary tightening
-Concern
-Prosperity
-18 months
-Phase III wage and price control program [Phase III]
-Pre-notification
-COLC
-30-day freeze
-Price increase compliance
-500 largest corporations
-1.5 percent price increase
-“Administrative device”
-Records retention by smaller companies
-Wage settlements
-Rubber industry
-General Electric
-Steel
-Meat packing industry
-Trucking industry
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NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
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-Automobile industry
-September
-Pre-notification
-Compared to past practice
-Price increase
-Justification
-Wage settlements
-Meat packing industry
-Collective bargaining agreement
-Iowa Beef
-Strike
-Willie J. Usery
-Extensions
-Effect on Armour-Swift negotiations
-Strike
-Usery
-Unions’ restraint
-Relative wages
-Impact of stabilization program, 1971-1973
-Compared to 1967-1970
-Industrial relations
-Steel industry
-International trade
Budget deficits
-Receipts estimate
-Announcement
-Compared to outlays
-Savings
-Legislation
-Medicare payments
-Interest on national debt
-Congress
-President’s budget proposal
-Defense Department budget
Economic Stabilization Act
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NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
-Phase III
-Effect on prices, psychology
-Cost of administration
-Wage-and-price freeze
-Temporary effects
-Consequence
-Price increase
Fixed capital investment
-Growth and stagnation
-Possible recession
-Variable investment tax credit
-Purpose
-Congress
-Perception of tax increase
-Wilbur D. Mills’s opposition
-Conversation with Shultz
-Democrats
Ways and Means Committee
-Hearing schedule and topics
-Shultz’s testimony
-Trade, taxes
Variable investment tax credit
-Stein’s interview
-Possible proposal
-Burns’s, Shultz’s testimony to Ways and Means Committee
-Politics compared with economics
-Possible impact
-Ways and Means Committee’s schedule
-Mills
-Burns’s consultation with Mills
-Timing of legislation
-Restraint and stimulus
-Burns’s consultation with Mills
-Confidential talks
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NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
-Speculation
-[Unintelligible name]
-Capital investment
-Tax credit
-Investment boom
-President’s assessment
Forthcoming statement on Phase III
-Preparation
-President’s role, Stein’s role
-Mildred Stein [?]
President’s schedule
-Labor-Management Advisory Committee meeting
-Wage agreements
-Steel industry
-Rubber industry
-I. W. Abel and R. Heath Larry
-Frank E. Fitzsimmons
-Contract
-National Commission of Industrial Peace
-George Meany
-Absence
-Florida
-David L. Cole
-Attendance
-National Commission for Industrial Peace
-Joint chairman
-Industrial peace
-Abel and Larry
-Steel pact
-Schedule
-Department of the Treasury
-President’s arrival
-Duration
-Progress of group
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NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
President’s conversation with Willy Brandt
-Great Britain
-Underemployment
-England compared with Japan, Germany
-Labor problem
-Union solidarity, strength
-Compared to US
Edward R. G. Heath
-Leadership
-Popularity
-People
-Unions
Great Britain
-US interests
Phase III
-Dunlop’s briefing
National economy
-Boom and inflation
-Compared to recession and inflation prior to August 15, 1971
-Goals of actions
-Employment figures
Trustworthiness
President’s schedule
-Possible Quadriad meeting
Agnew et al. left at 9:25 am.
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NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)