News correspondent covers the President's address on the nation's economy in Washington, D.C. From the White House office the President shares his thoughts with the citizens upon the country's economy. He talks about the 3 subjects of public interest- the job, income and cost of living. He briefly talks about the problems that the nation is facing and the reasons behind them. He introduces the program which deals with these problems. The first step involves the recognition of problem. There exists a transition between the peacetime economy and a wartime economy. Labors and the businessmen prefers the peacetime economy. He states that his government takes the responsibility to cut down the expenditure in order to strongly restrain current economy, this would in turn raises the price gradually and thus not affect the businessmen, common men and industry badly. They have also decreased the Federal spending as per the previous years figures and will do the same in coming years as well. He talks about his actions against the inflation. They include- to appoint the National Committee on productivity to check how well the resources are being used, has instructed the Counsel of economic advisers to prepare a periodic inflation alert, establishment of purchasing and review board to review all the government actions. The President briefly talks about the actions he will take and those which he wont take. He states that at this time the Congress and the President should co-operate each other on the common welfare programs. He requests the Congress to help him by passing the legislation related with people's job and cost of living and to act on the one which have been already submitted to it by the President. He asks the Congress to join him on the way of cutting down the government spending. He also talks upon the significant happenings taking place in the American economy. The President believes that in the next 5 years the American consumer will be able to buy 20% more than what he does today.
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