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Campaign Statement About the Nation's Economy.

October 28, 1972

A DYNAMIC economic expansion is surging all across America. Today, more people are at work earning more real spendable income than ever before in our history. This record of economic success is particularly evident here in Ohio.

Across the entire State, more people are working than in 1971- And the rate of unemployment in Ohio--4.1 percent in the latest available measurement is well below the 1971 Ohio rate.

In every major city in Ohio except one, in fact, the current unemployment is less than the national average and substantially below the Ohio rate of 1971. In Cleveland, the largest city, the rate was 4.0 percent according to the latest statistics.

Cleveland also is doing remarkably well at holding back the cost of living. In the latest available reports, prices were up only 2.4 percent over a year ago. That amounted to a reduction of more than half in the former 6.1-percent rate of price increase that was hitting the people of Cleveland 3 years ago.

Nationally, the evidence proves that our current economic policies are working to enable our people to produce a better material life for themselves and their families:

--In the past year, we have added $105 billion to our gross national product. That is a healthy 7-percent expansion rate.

--There are now 82 million Americans at work, an all-time record, and in the past year jobs increased by a near-record 2 1/2 million.

--Real spendable earnings for the average production worker are rising at a rate of over 4 percent a year--the equivalent of two extra weekly paychecks.

--Continued strong economic activity in the future is assured by all advance indicators of job-building action. In August, for example, new orders for nondefense capital goods were 22 percent above the previous August. New plant and equipment expenditures are expected to rise about i o percent this year, as compared with 2 percent in 1971. And all the indexes of business and consumer confidence are high.

All this heartening economic growth should be sending us this clear policy message: Continue on course. This is not a time to experiment with chancy economic theories or to add vast expenditures to the Federal budget and thereby force a tax increase. Either of these paths would upset the progress we are making and risk reversing our economic resurgence.

In Ohio, as in the Nation, we intend to keep pressing forward toward achieving what America has not had since President Eisenhower was in office full employment without war and without significant inflation.

Note: The statement was released at Cleveland, Ohio, prior to an 85-mile Presidential motorcade through eastern Ohio communities between Cleveland and Youngstown.

Richard Nixon, Campaign Statement About the Nation's Economy. Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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