We are fortunate to live in a nation with an economic system capable of producing for its people the highest standard of living in the world; a system flexible enough to change its ways dramatically when circumstances call for change; and, most important, a system resourceful enough to produce prosperity with freedom and opportunity unmatched in the history of nations.
The purposes of the Government actions I have announced tonight are to lay the basis for renewed confidence, to make it possible for us to compete fairly with the rest of the world, to open the door to new prosperity.
But government, with all of its powers, does not hold the key to the success of a people. That key, my fellow Americans, is in your hands.
A nation, like a person, has to have a certain inner drive in order to succeed. In economic affairs, that inner drive is called the competitive spirit.
Every action I have taken tonight is designed to nurture and stimulate that competitive spirit, to help us snap out of the self-doubt, the self-disparagement that saps our energy and erodes our confidence in ourselves.
Whether this Nation stays number one in the world's economy or resigns itself to second, third, or fourth place; whether we as a people have faith in ourselves, or lose that faith; whether we hold fast to the strength that makes peace and freedom possible in this world, or lose our grip--all that depends on you, on your competitive spirit, your sense of personal destiny, your pride in your country and in yourself.
We can be certain of this: As the threat of war recedes, the challenge of peaceful competition in the world will greatly increase.
We welcome competition, because America is at her greatest when she is called on to compete.
As there always have been in our history, there will be voices urging us to shrink from that challenge of competition, to build a protective wall around ourselves, to crawl into a shell as the rest of the world moves ahead.
Two hundred years ago a man wrote in his diary these words: "Many thinking people believe America has seen its best days." That was written in 1775, just before the American Revolution--the dawn of the most exciting era in the history of man. And today we hear the echoes of those voices, preaching a gospel of gloom and defeat, saying the same thing: "We have seen our best days."
I say, let Americans reply: "Our best days lie ahead."
As we move into a generation of peace, as we blaze the trail toward the new prosperity, I say to every American: Let us raise our spirits. Let us raise our sights. Let all of us contribute all we can to this great and good country that has contributed so much to the progress of mankind.
Let us invest in our Nation's future, and let us revitalize that faith in ourselves that built a great nation in the past and that will shape the world of the future.
Thank you and good evening.
Note: The President spoke at 9 p.m. in the Oval Office at the White House. His address was broadcast live on radio and television.
On the same day, the White House released an advance text of the President's address and the transcript of a news briefing on the new economic policy by John B. Connally, Secretary of the Treasury, George P. Shultz, Director, Office of Management and Budget, and Patti W. McCracken, Chairman, Council of Economic Advisers.
In Dallas, Tex., on August 19, 1971, Press Secretary Ronald L. Ziegler read a statement about the reaction of the Governor of Texas to the wage-price freeze. It is printed in the Weekly Compilation of Presidential Documents (vol. 7, p. 1204).
On August 20, the White House released the transcript of a news briefing by Caspar W. Weinberger, Chairman, Regulations and Purchasing Review Board, and Deputy Director, Office of Management and Budget, on the efforts of the Board to insure that the suppliers of Government purchases are in full compliance with the wage-price freeze.
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