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{
    "localId": "1133458",
    "label": "3/12/76 - Peoria Rotary Club Luncheon",
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    "citationUrl": "https://catalog.archives.gov/id/1133458"
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{
    "id": "1133458",
    "sourceUrl": "https://catalog.archives.gov/id/1133458",
    "contentType": "document",
    "title": "3/12/76 - Peoria Rotary Club Luncheon",
    "citationUrl": "https://catalog.archives.gov/id/1133458",
    "collections": [
        "Carla A. Hills Speeches",
        "Speeches"
    ],
    "subjects": [
        "Capitalism",
        "Federal aid",
        "Fiscal policy",
        "Government regulation",
        "Housing",
        "Industries",
        "Presidential campaign, 1976",
        "Veto power"
    ],
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    "coverageEndDate": {
        "day": 12,
        "logicalDate": "1976-03-12",
        "month": 3,
        "year": 1976
    },
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        "day": 12,
        "logicalDate": "1976-03-12",
        "month": 3,
        "year": 1976
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{
    "seq": 1,
    "pageIndex": 0,
    "type": "document",
    "url": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/ford/grf-0305/656148/1133458.pdf",
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    "ocrText": "The original documents are located in Box 2, folder \"3/12/76 - Peoria Rotary Club\nLuncheon\" of the Carla A. Hills Speeches at the Gerald R. Ford Presidential Library.\nCopyright Notice\nThe copyright law of the United States (Title 17, United States Code) governs the making of\nphotocopies or other reproductions of copyrighted material. Gerald Ford donated to the United\nStates of America his copyrights in all of his unpublished writings in National Archives collections.\nWorks prepared by U.S. Government employees as part of their official duties are in the public\ndomain. The copyrights to materials written by other individuals or organizations are presumed to\nremain with them. If you think any of the information displayed in the PDF is subject to a valid\ncopyright claim, please contact the Gerald R. Ford Presidential Library.\nDigitized from Box 2 of the Carla A. Hills Speeches at the Gerald R. Ford Presidential Library\nFINAL\nPEORIA ROTARY CLUB LUNCHEON\nMARCH 12, 1976\nFELLOW ROTARIANS! WELL, ALMOST. My DAD WAS PRESIDENT\nOF THE HOLLYWOOD CALIFORNIA ROTARY CLUB, AND A MORE DEDICATED\nROTARIAN WOULD BE HARD TO FIND.\nI AM TRULY IMPRESSED WITH THE FRANK OPENNESS OF THE\nPEOPLE OF THE \"INLAND EMPIRE\".\nYou TAKE SOME RIBBING, I KNOW, FROM THE PHRASE: \"Yes,\nBUT WILL IT PLAY IN PEORIA?\"\nBUT, I SUSPECT THAT SAYING CAME FROM A RECOGNITION THAT,\nOUT HERE WHERE PEOPLE HAVE NOTHING TO HIDE, YOU GET AN ABSOLUTELY\nHONEST REACTION TO ANY IDEA.\nIT IS A SPECIAL PRIVILEGE FOR ME TO HAVE THE CHANCE TO\nCONFER WITH YOU BUSINESS AND PROFESSIONAL PEOPLE -- LEADERS\nOF A CITY WHOSE CIVIC PRIDE IS EVERYWHERE EVIDENCED BY\nCOMMUNITY DEVELOPMENT AND IMPROVEMENT PROGRAMS. YOUR DOWNTOWN\nPEORIA PLAN -- YOUR LONG-RANGE PROJECTION OF A PEORIA CIVIC\nAND CONVENTION CENTER -- TESTIFY TO YOUR FORESIGHT.\n&\nGERALD\n-2-\nTHE OUTSTANDING QUALITY OF YOUR ELECTED REPRESENTATIVES\nDEMONSTRATES YOUR GOOD JUDGMENT. IT IS MY FINE FORTUNE TO\nHAVE THE OPPORTUNITY TO WORK WITH YOUR CONGRESSMAN BoB MICHEL,\nWHO IS TALENTED, HARD WORKING AND CLEARLY A LEADER IN THE\nCONGRESSIONAL BODY. AND YOUR MAYOR, DICK CARVER, IS ONE OF\nTHE MOST ABLE, DEDICATED AND VISIONARY MAYORS WE HAVE IN THE\nCOUNTRY,\nSo, I WOULD -- IN THIS SPLENDID SETTING -- LIKE TO TAKE\nADVANTAGE OF THE WIDE RANGE OF EXPERIENCE AND TALENT GATHERED\nUNDER THIS ROOF TO DISCUSS WITH YOU, THE ECONOMIC POLICIES\nTHAT SHOULD GUIDE US IN THE HALF DECADE TO COME,\nWE ALL KNOW THAT THE ERA OF THE 1960's WAS ONE OF\nINCREASING POPULATION, AND ONE IN WHICH THE INCREASING\nCOMPLEXITIES OF MODERN LIVING BECAME MORE APPARENT. ONE\nWOULD EXPECT, THEREFORE, A STEADILY INCREASING FEDERAL BUDGET.\nBUT, WHO WOULD HAVE GUESSED IN 1962 THAT THE FEDERAL\nBUDGET WHICH HAD BEEN BELOW $100 BILLION FROM THIS NATION'S\nBIRTH TO THAT YEAR WOULD DOUBLE TO $200 BILLION BY 1971 AND\nTHEN TRIPLE TO $300 BILLION IN 1975?\n-3-\nBy HINDSIGHT, WE CAN CLEARLY SEE WHAT HAPPENED TO AMERICA\nIN THE PAST TEN YEARS -- A DECADE WHICH THE KNOWLEDGEABLE\nSEERS OF THE SIXTIES HAD FORESEEN AS AN ERA OF GOOD WILL AND\nGOOD LIVING FOR ALL AMERICANS,\nIN THAT DECADE WE SQUANDERED OUR RESOURCES, DECIMATED\nOUR CITIES, ROLLED UP A STAGGERING $350 BILLION FEDERAL DEBT,\nFAILED TO BUY ANY REAL SOLUTIONS TO OUR COMPLEX ECONOMIC AND\nSOCIAL PROBLEMS, FIRED A RAGING INFLATION, AND GENERATED A\nPAINFUL RECESSION. AND IN so DOING, WE SEVERELY SHOOK PUBLIC\nCONFIDENCE IN THE CREDIBILITY AND STABILITY OF BOTH BUSINESS\nAND GOVERNMENT.\nINDEED THE LACK OF VOTER CONFIDENCE IN THE ABILITY OF\nEITHER THE PUBLIC OR PRIVATE SECTORS TO FIND ECONOMIC\nSOLUTIONS HAS PLACED OUR FREE ENTERPRISE SYSTEM IN ITS\nGREATEST JEOPARDY SINCE THE GREAT DEPRESSION.\nIT IS STILL VERY \"AMERICAN\" TO SING THE PRAISES OF\nOUR FREE ECONOMY THAT HAS MADE AMERICA THE ENVY OF THE\nWORLD. AND, RECENT POLLS FINDING THAT MOST AMERICANS WOULD\nMAKE SACRIFICES TO PRESERVE THE SYSTEM, MAKE WARM READING,\n-4-\nBUT, WHAT WE SAY ABOUT FREEING OUR ECONOMIC SYSTEM FROM\nFEDERAL SHACKLES AND WHAT WE ACTUALLY DO DIFFER MEASURABLY,\nTALK OF LIMITING \"BIG GOVERNMENT\" HAS INCREASED ON BOTH\nSIDES OF THE POLITICAL AISLE; BUT, so HAS THE FLOW OF LAWS,\nREGULATION AND APPROPRIATIONS THAT INCREASE GOVERNMENT\nINTERVENTION AND INFLUENCE.\nTALK OF CUTTING GOVERNMENT EXPENDITURES WHICH NOW COUNT\nFOR ABOUT 40 PERCENT OF OUR GROSS NATIONAL PRODUCT HAS\nINCREASED, BUT JUST A FEW WEEKS AGO, 321 CONGRESSMEN,\nREPRESENTING A MAJORITY OF THE AMERICAN PEOPLE VOTED A\n$6 BILLION BILL TO EXPAND PUBLIC WORKS AND PUBLIC SERVICE\nJOBS --- A COSTLY ELECTION YEAR PORK BARREL BY ANY HISTORIC\nSTANDARD.\nTHERE WILL ALWAYS BE PIED PIPERS FOR PROSPERITY WHOSE\nTUNE WILL FOREVER BE SPEND. THEIR TUNE FALLS PLEASANTLY\nON THE EAR BECAUSE IT FAILS TO REMIND THE LISTENERS THAT\nTHEY ARE THE GOVERNMENT -- AND THE SOURCE -- IN THE LAST\nANALYSIS OF GOVERNMENT MONEY.\n-5-\nBUT, THE PIPER'S TUNE HAS NO VERSE ABOUT WHAT HAPPENS\nTO INTEREST RATES AND THE AVAILABILITY OF MORTGAGE MONEY,\nAND NO REFRAIN THAT CAUTIONS ABOUT THE $100 MILLION WE PAY\nEACH AND EVERY DAY JUST TO COVER THE INTEREST ON OUR EXISTING\nFEDERAL DEBT -- WHICH NOW EXCEEDS $350 BILLION.\nPOLITICAL CAMPAIGNS HAVE BEEN WAGED AND WON ON THE\nPROMISE OF \"MORE FOR EVERYBODY\". RESTRAINT AND REASON\nHAVE NOT BEEN THE RHETORIC OF MOST CANDIDATES.\nAND, IN FACT, MANY STILL SINCERELY BELIEVE IN THE\nPOWER OF GOVERNMENT TO RIGHT EVERY WRONG IN SPITE OF THE\nEVIDENCE. You MAY RECALL THE CONTRAST BETWEEN SENATOR\nMUSKIE'S RESPONSE TO THE PRESIDENT'S STATE OF THE UNION\nMESSAGE WHEREIN HE SAID:\n\"WE CAN HAVE CONFIDENCE THAT GOVERNMENT\nCAN\nPUT PEOPLE BACK TO WORK.\"\nWITH THE PRESIDENT'S THEME THAT MORE REAL AND LASTING JOBS\nARE CREATED THROUGH THE PRIVATE SECTOR.\n-6-\nTHE AMERICAN PEOPLE -- CONFRONTED BY THIS CLASH OF\nIDEOLOGY -- MUST MAKE A PROFOUND CHOICE GROUNDED IN ECONOMICS.\nINDEED, IT IS A CHOICE THEY WILL BE MAKING NEXT TUESDAY IN\nILLINOIS, IN SUCCEEDING PRIMARY CONTESTS, AND IN NOVEMBER\n-- AS THEY DECIDE UPON THOSE POLICIES AND THOSE PERSONS WHOM\nTHEY SHALL CHOOSE TO LEAD THIS NATION OVER THE NEXT FOUR YEARS.\nAND, IF THE PUBLIC IS VAGUE ABOUT THE FINE POINTS OF\nTHE BUSINESS PROFITS STRUCTURE -- AS POINTED OUT IN GALLOP'S\nOPINION RESEARCH POLL QUOTED IN THE FEBRUARY 16TH ISSUE OF\nNEWSWEEK -- THERE ARE NEW SIGNS OF AN INTENSE INTEREST IN\nCURRENT ECONOMICS ON THE PART OF THE PEOPLE.\nTHOSE SIGNS CAN BE SEEN IN MOST LIVING ROOMS OF THE\nCOUNTRY ON THE NIGHTLY NEWS SHOWS, AS ON-SCENE REPORTERS\nAND ANCHOR MEN COVER THE BUSINESS AND FINANCIAL SCENE\nWITH AS MUCH CARE AND DETAIL AS THEY GIVE TO THE TOP-\nBREAKING NEWS EVENTS.\nTHE GNP; THE Dow JONES; HOUSING STARTS; STEEL OUTPUT;\nDETROIT PRODUCTION; THE UNEMPLOYMENT RATE; THE PRESIDENT'S\nBUDGET; MORTGAGE RATES -- ARE NOT JUST \"ECONOMIC\" NEWS,\nBUT COMPELLING NATIONAL NEWS.\n-7-\nTHE PUBLIC INTEREST IS THERE, BUT, IT IS DISHEARTENING\nTO CONCLUDE, AS WE MUST, THAT A GOOD MEASURE OF IT STEMS\nFROM CYNICISM ROOTED IN A GROWING DISTRUST OF ALL INSTITUTIONS\n-- AND -- THAT MORE AND MORE AMERICANS SEEM TO SEE THEIR\nOPTIONS NARROWED TO A CHOICE BETWEEN EVILS: EXPANSIVE\nGOVERNMENT WITH UNPRODUCTIVE INDUSTRY OR LIMITED GOVERNMENT\nWITH IRRESPONSIBLE INDUSTRY,\nUNLESS WE CAN TAKE STEPS TO MAKE THE ALTERNATIVES\nMORE ATTRACTIVE, SOONER OR LATER THE GROWING WEIGHT OF\nTHESE CHOICES WILL BREAK DOWN THE FREE SYSTEM, WHICH WE\nALL ENDORSE, AND CREATE A CLIMATE IN WHICH EXTREME CALLS\nFOR ECONOMIC RESTRUCTURING WILL SEEM LESS STRIDENT AND\nMORE SENSIBLE.\nIN HIS STATE OF THE UNION ADDRESS, PRESIDENT FORD\nCALLED FOR \"COMMON SENSE\" GOVERNMENT. AND, HE PROPOSED A\nFEDERAL BUDGET FOR FISCAL 1977 THAT \"PROMISES NO MORE THAN\nWE CAN DELIVER\", YET, PROVIDES THE MEANS TO \"DELIVER ON\nALL THAT WE PROMISE\".\n-8-\nIT SOUNDS IN HORSE-AND-BUGGY ABSOLUTES TO ASK: How\nMUCH OR HOW LITTLE GOVERNMENT DO WE NEED? THE ANALYSIS\nSIMPLY MUST BE MORE QUALITATIVE: WHAT KIND OF GOVERNMENT\nWILL WE HAVE IN THIS NATION'S THIRD CENTURY? WHERE, HOW\nQUICKLY, AND HOW FAR DO WE MOVE THE BALANCE OF POWER FROM\nPUBLIC TO THE PRIVATE SECTOR?\nTo SAY THAT THE GOVERNMENT SHOULD STOP THE WORLD AND\nGET OFF -- AT THIS POINT IN OUR COMBINED HISTORY -- IS A\nTURN-OF-THE-CENTURY ABSURDITY. FEDERAL STIMULANTS CAN BE\nUSED TO BOOST SAGGING SECTORS OF THE ECONOMY WHEN AND WHERE\nNECESSARY WITHOUT FEDERALIZING THE ENTIRE ECONOMY,\nBUT, AS WE MAKE OUR CHOICE OF LEADERS FOR THE FUTURE,\nWE CANNOT IGNORE THE LESSON FOR WHICH WE PAID so DEARLY IN\nTHE 1960's -- THAT NO MATTER HOW MUCH WE MAY WILL IT -- A\n\"SOCIETY\" IS NOT SUDDENLY MADE \"GREAT\" THROUGH WELL-MEANING\nPROGRAMS WHOSE SOLE SOURCE OF SUSTENANCE IS THE FEDERAL\nEXCHEQUER.\nWE KNOW THAT OUR PRIVATE ECONOMY CANNOT SUSTAIN AN\nAWESOME FEDERAL DEFICIT OF TODAY'S MAGNITUDE WITHOUT THE\nEROSION OF THE VERY FINANCIAL RESOURCES THAT ARE VITAL TO\nTHE GROWTH AND PRODUCTIVITY OF OUR FREE ENTERPRISE SYSTEM.\n-9-\nHow, FOR EXAMPLE, WILL AMERICA BUILD AND BUY HOMES\nIN WHICH TO LIVE IF GOVERNMENT IS THE BIGGEST COMPETITIVE\nBORROWER OF AVAILABLE MORTGAGE MONEY?\nHow WILL WE ACHIEVE REAL ECONOMIC GROWTH IF THE\nGOVERNMENT CONTINUES TO COMPETE WITH THE PRIVATE SECTOR\nFOR DOLLARS TO BUY PUBLIC SERVICE JOBS WHEN WE KNOW THAT\nJOBS CREATED IN THE PRIVATE SECTOR HAVE A FAR GREATER AND\nMORE LASTING IMPACT?\nYET, YOU AND I KNOW THAT IT IS FAR MORE EXPEDIENT IN\nTHE POLITICS OF AN ELECTION CYCLE TO SAY \"YES\" TO MORE\nFEDERAL EXPENDITURES. So, I AM VERY PROUD OF PRESIDENT\nFORD'S COURAGE IN SAYING \"NO\" TO A SUCCESSION OF SPENDING\nMEASURES DURING 1975 THAT WOULD HAVE FUELED THE INFLATION\nHE HAS CUT IN HALF.\nI LOOK BACK WITH EQUAL PRIDE AT THE PRESIDENT'S\nWILLINGNESS TO SAY \"YES\" TO CAREFULLY THOUGHT-OUT MEASURES\nTO INDUCE ECONOMIC RECOVERY, THESE HAVE BEEN THE VERY\nTOUGH POLICY CALLS THAT HAVE LED US TO THE TURN-ABOUT NOW\nFIRMLY IN PROGRESS,\n-10-\nFOR EXAMPLE, IN THE FIELD OF HOUSING, HE SAID \"YES\"\nTO THE USE OF MORTGAGE PURCHASE ASSISTANCE, ENABLING HUD\n-- OVER THE PAST TWO YEARS -- TO OFFER TO BUY FOR RESALE\nOVER 500,000 MORTGAGES BEARING BELOW-MARKET INTEREST RATES\n-- ENOUGH TO CRANK UP THE SINGLE-FAMILY HOUSING INDUSTRY,\nWITHOUT CRANKING UP MORE INFLATION.\nHE SAID \"YES\" AGAIN IN OCTOBER, ENABLING HUD TO REACTIVATE\nITS HOMEOWNERSHIP SUBSIDY PROGRAM UNDER WHICH IT SUBSIDIZES\nDOWN TO 5 PERCENT THE INTEREST ON A MORTGAGE IN THE RANGE OF\n$20,000 TO $25,000.\nTHIS PROGRAM TRANSLATES INTO HELP FOR 250,000 LOW AND\nMODERATE HOMEBUYERS, GENERATES $6.5 BILLION IN CONSTRUCTION\nACTIVITY AND PUTS 500,000 PEOPLE BACK TO WORK.\nTHESE PROGRAMS SOUGHT NOT TO FEDERALIZE A SICK INDUSTRY\nBUT RATHER TO ENCOURAGE RECOVERY THROUGH PRIVATE ENTERPRISE.\nAND, THEY WORKED. TODAY, THE SINGLE-FAMILY HOUSING\nMARKET IS BACK ON THE ROAD TO ROBUST HEALTH, WITH INDUSTRY\nECONOMISTS REVISING THEIR FORECASTS FOR 1976 WELL UPWARD\nFROM THEIR END-OF-THE-YEAR ESTIMATES,\n-11-\nAND, LAST MONTH, TO REMEDY THE LAG IN THE RECOVERY IN\nTHE MULTIFAMILY MARKET, PRESIDENT FORD APPROVED HUD's\nRELEASE OF $3 BILLION OF FEDERAL FUNDS TO PURCHASE MULTI-\nFAMILY MORTGAGES -- WHICH COVERS ABOUT 120,000 HOUSING UNITS,\nAGAIN, THE OBJECTIVE IS TO SPARK RECOVERY WITHOUT\nRE-FIRING THE INFLATION.\nIN ALL INSTANCES, IT IS PRIVATE INDUSTRY HELPED BY\nGOVERNMENT THAT IS RESTORING OUR HOUSING ECONOMY -- NOT\nTHE OTHER WAY AROUND.\nBUT REMEMBER, THAT LAST SPRING THE PRESIDENT ISSUED\nA RESOUNDING \"NO\" TO CONGRESSIONAL EFFORTS TO PASS A MULTI-\nBILLION DOLLAR HOUSING BILL THAT WOULD BY EVERY REASONABLE\nSTANDARD HAVE BEEN COUNTER-PRODUCTIVE.\nWHAT WE HAVE NOW IS A GRADUAL BUT STEADY HOUSING\nRECOVERY, WHAT WE COULD HAVE HAD WAS A DISASTROUS SPENDING\nBILL HAD IT NOT BEEN FOR THE PRESIDENT'S STRENGTH IN ISSUING\nA VETO UNPOPULAR AT THE TIME AND THE POLITICAL CAPACITY TO\nMAKE THAT VETO HOLD.\n-12-\nAND, so IT IS WITH BUSINESS AND INDUSTRY ACROSS THE\nBOARD -- AS PRESIDENT FORD STICKS TO HIS GUNS IN LIMITING\nTHE FEDERAL PRESENCE TO PROVIDING JUDICIOUS STIMULANTS\nWHERE ABSOLUTELY INDICATED AND IN STAVING OFF FURTHER\nINFLATION so THE PRIVATE SECTOR CAN GET ON WITH ITS RIGHTFUL\nJOBS,\nAs A RESULT, CONFIDENCE IS RETURNING -- TO THE POINT\nWHERE FORTUNE's LEAD EDITORIAL, LAST MONTH, CONCLUDED THAT\nWE'RE EVEN DOING BETTER THAN WE THINK.\nBUT WE STILL HAVE A GOOD WAY TO GO BEFORE WE CAN HAVE\nTHE LASTING CONFIDENCE THAT COMES FROM STRONG ECONOMIC\nSTABILITY -- AT ALL LEVELS OF THE INCOME LADDER,\nPUBLIC CONFIDENCE IN GOVERNMENT AND INDUSTRY IS IN\nDIRECT PROPORTION TO THE BREAD-WINNER'S CONFIDENCE IN\nHIS OR HER CHANCE TO MAKE IT, MULTIPLIED BY ALL THE BREAD-\nWINNERS IN THE NATION.\nTHE CHALLENGE OF OUR DECADE -- FOR BOTH BUSINESS AND\nFOR GOVERNMENT -- IS TO MAKE OUR SYSTEM OF FREE ENTERPRISE\nWORK, WHERE THE BARRIER IS NOT so MUCH A HARSH ECONOMIC\nCLIMATE AS A LINGERING SAG IN PUBLIC CONFIDENCE,\n-13-\nTHE NATION IS ON A SOUND ECONOMIC COURSE. WITH PATIENCE\nAND RESTRAINT I KNOW THAT WE CAN MEET THAT CHALLENGE --\nRESTORING OUR FAITH IN OURSELVES AS A NATION AND IN OUR\nLEADERSHIP IN A WORLD DESPERATELY IN NEED OF A REBIRTH OF\nFAITH IN FREE DEMOCRATIC GOVERNMENT.\nTHANK YOU VERY MUCH."
}