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4/9/76 - Remarks at a Business - Management Briefing Sponsored by School of Business Management, Southern Methodist University, Dallas, Texas
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1252799
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4/9/76 - Remarks at a Business - Management Briefing Sponsored by School of Business Management, Southern Methodist University, Dallas, Texas
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President's Speeches and Statements Reading Copies (Ford Administration)
Reading Copies of Presidential Speeches and Statements
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Revenue sharing
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Economics
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1976-04-09
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1976
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9
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1976-04-09
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1976
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The original documents are located in Box 28, "4/9/76 - Remarks at a Business -
Management Briefing Sponsored by School of Business Management, Southern Methodist
University, Dallas, Texas" of the President's Speeches and Statements: Reading Copies at
the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 28 of President's Speeches and Statements: Reading Copies at the Gerald R. Ford Presidential Library
any HAS
SOUTHERN METHODIST UNIVERSITY
SCHOOL OF BUSINESS MANAGEMENT
DALLAS, TEXAS
FRIDAY, APRIL 9, 1976
TALKING POINTS -- SMU
-- WARM MEMORY OF MY VISIT TO MOODY COLISEUM-
SMU IN SEPTEMBER OF LAST YEAR TO RECOGNIZE SMU'S
60th ANNIVERSARY.
-- AT THIS SPECIAL CONVOCATION, I RECEIVED AN
HONORARY DOCTOR OF LAW DEGREE AND I AM THEREFORE AN
ALUMNUS OF SMU AND FEEL I HAVE A SPECIAL RELATIONSHIP
WITH THE MUSTANGS.
-- AS MANY OF YOU MIGHT KNOW, JIM ZUMBERGE
IS AN OLD FRIEND OF MINE FROM MICHIGAN AND SERVED AS
PRESIDENT OF GRAND VALLEY STATE COLLEGE IN THE DISTRICT
I HAD THE HONOR TO REPRESENT FOR TWENTY-FIVE YEARS.
-1-
I AM DELIGHTED TO HAVE THIS OPPORTUNITY TO ADDRESS
THIS FORUM OF THE S.M.U. SCHOOL OF BUSINESS MANAGEMENT AND
DISTINGUISHED MEMBERS OF THE BUSINESS COMMUNITY.
ACKNOWLEDGEMENTS - SMU
-- THANK YOU, DR. ZUMBERGE
-- SENATOR JOHN TOWER
-- MAYOR HARRISON
-- DEAN COLEMAN
-- MR. COX (Chairman, SMU Board of Governors)
-- MR. TATUM (Chairman, SMU Board of Trustees)
--DR. GRAYSON, SMU
-- MR. CROW
-- FELLOW MUSTANGS AND GUESTS
Thank you very much/
That concludes my spech.
-2-
AT THIS TIME A YEAR AGO, AS YOU ALL REMEMBER,
AMERICA WAS AT THE BOTTOM OF ITS WORST ECONOMIC RECESSION
IN 40 YEARS
BUT WHAT YOU MAY NOT RECALL ARE SOME OF THE EVEN
MORE GLOOMY PREDICTIONS WHICH SOME VERY DISTINGUISHED
AMERICANS WERE MAKING ABOUT OUR ECONOMY
-3-
GEORGE MEANY SAID WE WERE SURE TO REACH 10 PERCENT
UNEMPLOYMENT BY SUMMER
HUBERT HUMPHREY SAID
UNLESS WE TOOK SOME DRASTIC ACTIONS WITHIN 60 TO 90 DAYS,
WE WOULD BE APPROACHING THE DIMENSION OF A DEPRESSION.
-4-
WE HEARD SOME OF AMERICA'S MOST RESPECTED ECONOMISTS
CALLING FOR EXTENSIVE WAGE AND PRICE CONTROLS.
WE HEARD SOME OF AMERICA'S MOST PROMINENT POLITICIANS CALLING
FOR MASSIVE NEW FEDERAL SPENDING, AND FOR THE CREATION
OF HUNDREDS OF THOUSANDS OF NEW JOBS ON THE GOVERNMENT PAYROLL.
-5-
The advin
/
REJECTED ALL OF THESE SUGGESTIONS
AND ALL THE OTHER SUGGESTIONS THAT WERE THE WRONG MEDICINE
FOR THE AMERICAN ECONOMY
COMMON SENSE TOLD ME THAT THE RIGHT COURSE
TO PURSUE TOWARD ECONOMIC RECOVERY WAS TO STIMULATE THE
GROWTH -- AND RESTORE THE STRENGTH -- OF THE PRIVATE SECTOR
-6-
so PROPOSED
AND THE CONGRESS ACCEPTED
A MAJOR TAX CUT FOR INDIVIDUALS, TO INCREASE THEIR
PURCHASING POWER
PROPOSED TAX INCENTIVES FOR BUSINESS EXPANSION
AND JOB PRODUCTION IN THE PRIVATE SECTOR -- WHERE FIVE OUT
OF EVERY SIX JOBS ARE FOUND IN AMERICA.
-7-
AND
/
PROPOSED EXTENDED UNEMPLOYMENT INSURANCE
TO THOSE AMERICANS WHO HAD LOST THEIR JOBS TO THE RECESSION,
TO HELP CUSHION THE HARDSHIP UNTIL OUR NATIONAL ECONOMY
WAS REVIVED AND ITS STRENGTH RECOVERED
THESE WERE COMMON SENSE POLICIES
AND THEY WORKED
-8-
LAST WEEK IT WAS ANNOUNCED THAT WE GAINED
375 THOUSAND MORE JOBS IN THE MONTH OF MARCH ALONE
BRINGING THE TOTAL AMERICAN WORK FORCE TO 86 MILLION 700 THOUSAND
MORE AMERICANS ARE GAINFULLY EMPLOYED TODAY THAN EVER BEFORE
IN THE HISTORY OF OUR COUNTRY
AND I'D SAY THAT'S
A PRETTY GOOD COMEBACK.
-9-
IN FACT, EVERYTHING THAT'S SUPPOSED TO BE
GOING UP -- THE NUMBER OF JOBS, REAL EARNINGS FOR THE
AMERICAN WORKER, SALES, INVESTMENTS, INDUSTRIAL
PRODUCTION -- ALL OF THESE ARE ON THE INCREASE.
AND THE DEPARTMENT OF COMMERCE REPORTED TODAY RETAIL
SALES FOR THE MONTH OF MARCH WERE UP A STRONG 2.8 PERCENT
FROM FEBRUARY.
-10-
FURTHERMORE, EVERYTHING THAT'S SUPPOSED TO
BE GOING DOWN -- THE RATE OF UNEMPLOYMENT, THE
RATE OF INFLATION, THE RATE OF GROWTH IN FEDERAL
SPENDING, EVEN SOME PRICES -- ARE GOING DOWN.
-11-
THE RATE OF INFLATION HAS BEEN CUT ALMOST IN HALF,
FROM 12.2 PERCENT TO 6.3 PERCENT
THE RATE OF GROWTH
IN FEDERAL SPENDING HAS BEEN CUT IN HALF WITH THE BUDGET
I SUBMITTED TO THE CONGRESS IN JANUARY
FROM 11 PERCENT
TO 5.5 PERCENT
-12-
IN FACT, I HAVE ALREADY CUT THE GROWTH
IN FEDERAL SPENDING WHEREVER I COULD
IN THE LAST 20 MONTH
I HAVE VETOED 47 BILLS
THIRTY-NINE OF THOSE VETOES
HAVE BEEN SUSTAINED
AND THOSE 39 SUCCESSFUL VETOES
WILL SAVE THE AMERICAN TAXPAYER 13 BILLION DOLLARS
-13-
IF WE CAN KEEP THIS KIND OF PRESSURE ON,
AND HOLD SPENDING DOWN:
-- WE CAN BALANCE THE FEDERAL BUDGET
IN FISCAL YEAR 1979
-14-
-- WE CAN HAVE ANOTHER MAJOR TAX CUT
THAT SAME YEAR, IN ADDITION TO THE ONE I RECOMMENDED
TO TAKE EFFECT THIS JULY FIRST
-15-
-- AND WE CAN GET THE GOVERNMENT OUT
OF THE PRIVATE MONEY MARKET, FURTHER EASING PRESSURE
ON INTEREST RATES AND GETTING THE FEDERAL TREASURY OUT
OF COMPETITION WITH THE PRIVATE SECTOR
WE CAN HELP
THAT PRIVATE SECTOR EXPAND, AND WE CAN PULL IN THE REINS
ON THE FEDERAL GOVERNMENT, FOR A CHANGE
-16-
our
THOSE ARE SOME OF MY ECONOMIC PLANS FOR THE FUTURE.
FOR THE PRESENT, I CAN SAY TO YOU WITH CONFIDENCE
AND WITHOUT HESITATION:
WE ARE ON THE ROAD TO A NEW AND
LASTING PROSPERITY IN THE UNITED STATES OF AMERICA,
AND WE ARE NOT ABOUT TO BE SIDETRACKED NOW
-17-
THE SUCCESS OF OUR ECONOMIC POLICIES PROVES
ONCE AGAIN THAT IT DOESN'T TAKE A HUGE GOVERNMENT BUREAUCRACY
TO SOLVE EVERY PROBLEM IN AMERICA
WE MUST NEVER FORGET ONE VERY FUNDAMENTAL TRUTH:
THAT A GOVERNMENT BIG ENOUGH TO GIVE US EVERYTHING WE WANT
IS A GOVERNMENT BIG ENOUGH TO TAKE FROM US EVERYTHING WE HAVE
-18-
TO HELP GUARD AGAINST THAT DANGER OF EVER-INCREASING
CONTROL BY THE FEDERAL GOVERNMENT,
I HAVE PROPOSED A FIVE-YEAR
NINE-MONTH EXTENSION OF THE GENERAL REVENUE SHARING PROGRAM
THAT HAS WORKED so WELL FOR THE PAST FOUR YEARS
-19-
IF THERE'S ONE THING THE FEDERAL GOVERNMENT IS GOOD AT,
IT'S COLLECTING TAXES
t
AS WE WILL ALL LEARN ONCE AGAIN SIX DAYS
FROM NOW
IF THERE IS ONE THING THE FEDERAL GOVERNMENT IS NOT
GOOD AT IT'S TRYING TO DECIDE THE BEST LOCAL SOLUTION
TO A LOCAL PROBLEM.
-20-
so THE REVENUE SHARING PROGRAM LETS
THE FEDERAL GOVERNMENT COLLECT THE MONEY, AND THEN GIVE IT BACK
sender the watchful eyes the
TO LOCAL AND STATE GOVERNMENTS TO SPEND AS THEY SEE FIT.
folt home. lack
BY THE END OF THIS YEAR, THE CITY OF DALLAS WILL HAVE
RECEIVED MORE THAN 56 MILLION DOLLARS UNDER THE REVENUE SHARING
PROGRAM WHICH BEGAN IN 1972.
-21-
DALLAS COUNTY WILL HAVE RECEIVED MORE THAN
20 MILLION DOLLARS, AND ALL OF TEXAS WILL HAVE RECEIVED
ALMOST ONE AND A HALF BILLION DOLLARS.
-22-
UNDER THE EXTENSION OF REVENUE SHARING
I HAVE PROPOSED, DALLAS WOULD RECEIVE MORE THAN
85 MILLION DOLLARS OVER THE NEXT FIVE AND THREE-QUARTER YEARS;
DALLAS COUNTY, ALMOST 35 MILLION DOLLARS;
AND ALL OF TEXAS WOULD RECEIVE NEARLY 2 BILLION DOLLARS.
-23-
YOU WILL BE INTERESTED TO KNOW THAT THE TOTAL COST
OF THE FEDERAL GOVERNMENT'S ADMINISTRATION OF THE REVENUE
SHARING PROGRAM IS ONLY ONE-EIGHTH OF A PENNY OF EVERY DOLLAR
DISTRIBUTED TO STATE AND LOCAL GOVERNMENTS.
-24-
THAT'S WHAT I CALL HOLDING BUREAUCRATIC OVERHEAD
TO A MINIMUM, AND I INTEND TO SEE THAT TREND ENCOURAGED
IN OTHER FEDERAL PROGRAMS IN THE NEXT FOUR YEARS
-25-
WE ALL KNOW THAT IT WASN'T AN ALL-POWERFUL GOVERNMENT
THAT MADE AMERICA THE GREAT NATION IT IS TODAY -- IT WAS PEOPLE.
I WANT TO ENSURE THAT GOVERNMENT IS ALWAYS
THE CAPABLE SERVANT
BUT NEVER THE MASTER
OF THE AMERICAN PEOPLE.
-26-
AS WE LOOK TO THE FUTURE
IN THIS AGE
OF GIANT INSTITUTIONS,
\'
IT IS OUR COMMON RESPONSIBILITY
TO SEE THAT INDIVIDUAL FREEDOM IS STRENGTHENED IN AMERICA
IN THIS CLIMATE, THE AMERICAN PEOPLE GREW
TO GREATNESS
-27-
THIS IS THE CLIMATE WE MUST RESTORE IN AMERICA,
AS WE ENTER OUR THIRD CENTURY OF INDEPENDENCE.
IF WE TAKE THIS AS OUR COMMON TASK AND OUR COMMON GOAL,
WE CANNOT AND WILL NOT FAIL
THANK YOU VERY MUCH
NOW I WOULD BE GLAD TO RESPOND TO YOUR QUESTIONS
END OF TEXT