Impeachment Hearings: House Judiciary Committee, July 25, 1974 (1/2)
Impeachment Hearings: House Judiciary Committee, July 25, 1974 (1/2)
[00.02.00] [in to NPACT logo--weird rotating 3-D Capitol Dome effect, very dated--with title "impeachment debate"--cut to LEHRER in studio] LEHRER welcomes viewers introduces live coverage of President NIXON's speech on the economy [cuts to stage, two dozen men flank podium in two wings, a moderator takes podium to introduce the President, as sponsored by four major LA business organizations--NIXON takes podium--cut to side view shows audience of middle-aged white people clapping--cut to close head/shoulders of NIXON smiling broadly, ready to give the SAFE AUDIENCE one of the most BORING SPEECHES ever delivered--note, however, that NIXON is in no worse form as a public speaker than usual, employing strange head movements, monotonous tone, and strange spinal contortions of the body, as if there were no IMPEACHMENT CRISIS at all] NIXON thanks the moderator, the audience, and the business groups. Says he wants to discuss the major problem facing the US--Inflation, and the fight against it. Says that the inflation is the result of longterm failure of industrialized world to increase productivity to meet demand, government deficit spending, increase of money supply to facilitate borrowing, which all add to rising prices. [cut to a reverse angle shot of the audience] Add to this grain production shortages due to crop failure, and the oil embargo, NIXON says that fortunately food production is increasing, and the oil embargo has ended, leveling oil prices, slowing the rate of inflation. Says there will be some delay before this settles out. Says also that the effects of minimum wage increases have added to prices Mentions demands raised for "swift, spectacular action" , proposals for wage and price controls, draconian constrictions on money supply at risk of recession, or lower taxes to stimulate economy, or the defeatist pose of learning to live with inflation. NIXON says that none of these paths will be taken. Instead, he will proceed from the proposition that "short-term relief brings long-term grief", and concentrate more on POLICIES than on PROGRAMS. I.E., policies respecting basic market forces, First, "what we are not going to do". Not going to resort to controls [pavlovian applause from free-marketers in audience], saying that controls will only create new market distortions. Not going to resort to new deficit spending, tax cuts, or credit loosening. Such would be fighting fire with gasoline (NIXON'S analogy). Neither will they resort to tight-money shock treatment, which would raise unemployment too high. Are going to control inflation by increasing productivity. Look toward long term, willingness to stick to a plan despite pressures. The administration will continue to monitor the entire economy, and will not allow any hardship to take effect. Says that anti-inflationary policy is simply effort to check growth of demand in proportion to growth of supply. In short run, must be focused on reducing demand, because increasing supply can take time. Exceptions to this are returning farmland to cultivation and sale of raw materials. Longer term emphasis on producing more, [Nixon reiterates his topic sentence for the fifth or sixth time, displaying a remarkable flair for redundancy, not to mention redundancy] NIXON claims that the most important thing the Federal Government can do to check demand is to reduce spending. Pledges not to accept new spending, [ taking care to make "eye contact" with camera so you know he's telling the truth--draws applause from the budgethawks in the audience] Announces that 40,000 federal employees will be fired next year. [thanks, Dick!] Savings will be $300,000. [00.13.40]