University of Virginia Library

Successful Results

Mr. Kennedy claimed that the successful
results of Mr. Nixon's policies were due to the
"rejection of government controls over our free
markets and our free society and the reliance
instead on policies more appropriate to a nation
of free citizens policies of economic
restraint."

"We have restrained government
expenditures and held down the growth of the
money supply. In the process, we have
maintained traditional freedoms, while
controlling and reducing the forces that were
primarily responsible for the start and build-up
of the present inflation."

In regard to unemployment, Mr. Kennedy
stated that unemployment "has risen in recent
months, not because of the mild economic
slowdown we have passed through, but also
because the Administration has been speeding
the release of men from the armed forces."

The Secretary added that he believed with
an economic upturn, employment rates would
go up.

In warning of future policies, he stated that
"Fast-mounting Federal expenditures and large
deficits would inevitably limit the freedom of
monetary authorities to expand money and
credit and rebuild liquidity. Such deficits,
furthermore would push interest rates back up
and then to renew an unbalanced flow of
credit."

Photo By Roy Alson

David Kennedy

American Financial Chieftain

Again looking to the near future. Mr.
Kennedy said that the state and local
governments will begin to carry a larger share of
the nation's economic burden. Specifically, he
cited the needs of urban development of the
economy is to progress at an even pace. This, he
said, is within the specific realm of the state
and local governments. A significant start
toward unemployment at all levels of
government is necessary for economic progress.

The Secretary of the Treasury ended his
remarks by citing some of President Nixon's
feelings. He said that we have to continue to
live up to our great heritage and to continue to
work "within the system and not from without
it." Mr. Kennedy concluded by saying. "Who is
the Establishment? If I am — you are. This is
our country. God bless it."