With Secretary Richardson running late, a the Club's quarterly chairman reads the speech Richardson intended to give. The speech explores the new credibility gap, or the difference between what government promises people, and what those people actually receive. Congress fuels this gap by authorizing social programs that it then fails to fund; he details examples in child care and student financial aid. President Nixon has stood firm in not increasing the gap; his health care proposal is an example. The secretary handles the question and answer session.