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National Newspaper Association Drop-By 3/15/90 [OA 6854]
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National Newspaper Association Drop-By 3/15/90 [OA 6854]
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Records of the White House Office of Speechwriting (George H. W. Bush Administration)
Speech Backup Chronological Files
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Originally Processed With FOIA(s):
FOIA Number:
S
S
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the George Bush Presidential
Library Staff.
Record Group/Collection:
George H.W. Bush Presidential Records
Collection/Office of Origin:
Speechwriting, White House Office of
Series:
Speech File Backup Files
Subseries:
Chron File, 1989-1993
OA/ID Number:
13709
Folder ID Number:
13709-007
Folder Title:
National Newspaper Association Drop-by 3/15/90 [OA 6854]
Stack:
Row:
Section:
Shelf:
Position:
G
26
19
7
1
DATE: 3-7-90
Bob Simon
TO:
Steve Landefeld 5L
FROM:
Attached is a draft copy of some
"good news" talking points on the
economy.
Dr. Boskin is out of town, but he
has verbally approved these draft
talking points, and he may send a
revised draft tomorrow.
TALKING POINTS
GOOD NEWS IN THE ECONOMY
March 7, 1990
Overview of the U.S. Economy
The U.S. economy is the largest, most productive, and
strongest economy in the world.
-
The United States, with less than 5 percent of the
world's population, accounted for 26 percent of world
GNP in 1988. This is more than 2-1/2 times that of the
With exports of goods and services at an all-time high 89
next largest economy (Japan). in
billion
dollar.
-
in 1989 ($589 billion), the United States once again
became the world's leading exporter.
-
America's standard of living, as measured by per capita
income, is the highest of any major industrialized
country in the world and is one-third higher than that
of West Germany or Japan.
The Current Expansion
The economy continued to expand in 1989, the seventh
consecutive year of economic growth.
-
GNP rose 2.5 percent in 1989. This was more moderate
than 1988. the very rapid pace of economic growth in 1987 and
-
A better balance between domestic spending and domestic
production was achieved, as growth in government
purchases slowed while net exports and business
investment grew more rapidly.
-
The Nation's saving rate -- the sum of business and
household saving less government borrowing-- rose from
13.2%,in 88
a low of 12.2 percent in 1987 to 13.4 percent in 1989.
--
During this period, personal saving by households
rose from 3.2 to 5.4 percent while the federal
government deficit (borrowing) fell from 3.4 to
2.9 percent.
-- The federal government deficit
The incomes. continued expansion has further increased employment and
2
-
21.2 million jobs have been created in the current
expansion. Job gains in 1989 totalled 2.5 million.
-
The average unemployment rate in 1989, 5.3 percent, was
at its lowest level since 1973 and was lower than in
any major European country.
--
1989 unemployment rates for blacks (11.4 pecent)
and teenagers (15.0 percent) were the lowest since
the early 1970s. For Hispanics, the 1989 rate
(8.0 percent) was the lowest recorded since the
government began keeping separate data for this
group in 1980.
--
The unemployment rate for adult women (4.7
percent) was the lowest since 1969. During the
1980s, the unemployment rate for women has fallen
to a rate about equal to that for men. This is a
first since World War II.
-
Personal income after taxes and adjusted for inflation,
rose 3.6 percent in 1989, above the 2.9 percent average
during the last 10 years.
The trade deficit has improved markedly, falling to its
lowest level since 1984.
-
The merchandise trade deficit has fallen almost 30
percent from its 1987 peak.
-
The merchandise trade deficit declined by 11 percent in
1989 to $113.2 billion.
--
Exports of goods increased by 13 percent in 1989
to $361.9 billion.
--
Imports of goods increased by 6 percent in 1989 to
$475.1 billion.
-
The improvement in the merchandise trade deficit in
excluded. 1989 is especially striking when petroleum products are
--
The merchandise trade balance excluding petroleum
products fell by 28 percent to $63 billion in
1989.
-
The merchandise trade deficit was partly offset by a
substantial and growing surplus in services.
3
O
Inflation has been contained in the expansion.
--
Following an uptick early in 1989 due to a temporary
jump in food and energy prices, inflation returned to
the 4 percent range it has maintained for most of this
expansion.
--
The broadest measure of economy-wide inflation, the GNP
fixed-weighted price index, rose by 4.1 percent during
1989, down from 4.5 percent in 1988 and about the same
as in 1987.
Interest rates declined substantially during most of 1989.
--
In December short-term interest rates were 119 basis
points below their peaks in March 1989. And, despite
an increase of 12 basis points early this year, they
remain more than a percentage point below last March's
level.
--
10-year bond rates declined 152 basis points between
March and December 1989. These rates have moved up
somewhat more than short-term rates recently, but still
remain about 90 basis points below last March's level.
-- Most of the decline in 3-month T-bill rates occurred
between March and October. In contrast, 10-year bond
rates moved down through the end of the year.
--
The prime rate charged by banks is 1-1/2 percentage
points below last March's level.
--
Mortgage rates also are below their mid-1989 highs,
9.91 percent in January as compared with 10.48 percent
in July.
Recent Economic Data
Recent data indicate that the economy is growing more
slowly, but do not point to a recession.
-
Labor market data show continued employment growth and
no increase in unemployment, pointing to continued
growth in production. (To be updated Friday, March 9
when the February employment data are available.)
-
Other indicators of activity are mixed, but on balance
suggest that we are in a period of weak growth.
--
Autos, housing, and certain manufacturing sectors
remain weak, but consumer confidence remains at
4
relatively high levels, and the trade deficit
continues to improve.
o
The underlying inflation rate remains close to its average
over the past 7 years.
-
The large price increases in January were distorted by
special factors, including weather and sharp increases
in food and energy prices.
-
Excluding volatile food and energy prices, the
underlying "core" inflation rate rose 4.5 percent,
similar to the average pace of the past 7 years.
-
This uptick in inflation is similar to what happened
early last year, when prices rose sharply and then
slowed considerably later in the year.
THE WHITE HOUSE
WASHINGTON
March 14, 1990
MEMORANDUM FOR THE PRESIDENT
THROUGH:
CHRISS WINSTON w
FROM:
DAN MCGROARTY Drah
SUBJECT:
NATIONAL NEWSPAPER ASSOCATION DROP-BY
I. SUMMARY
On Thursday, March 15, from 3:30 to 3:45 p.m., you will
meet with National Newspaper Association members in OEOB
Room 450. The remarks (5 minutes/cards) will be followed by
a short Q & A session. About 200 people will be there.
II. DISCUSSION
The NNA represents over 5,000 community newspapers
nationwide. Your appearance will follow an on-the-record
briefing by Chief of Staff Sununu, Roger Porter, and Marlin
Fitzwater.
The remarks recap the National Association of
Manufacturers speech, which will take place that morning.
###
McGroarty/Dooley
March 14, 1990
3:00 pm
[NNA]
PRESIDENTIAL REMARKS: NATIONAL NEWSPAPER ASSOCIATION DROP-BY
RM. 450, OEOB
MARCH 15, 1990
3:30 P.M.
Welcome to Washington -- and to what we call // the White
House Complex. // [[And no -- that's not the same as "Beltway
Syndrome." //]]
I am pleased to have this chance to meet with such a broad
cross-section of our nation's print journalists. Wherever you're
from -- whether you came in all the way from the West Coast, or
whether you're from one of the "local" local newspapers, within
walking distance of the White House -- I'm delighted to have you
here. The newspapers you represent -- and in many cases, own and
operate -- are part of a proud tradition serving every community
across this country.
In a moment, we'll get on to what you came for -- Q&A. But
before we do, I want to underscore some of the points I made this
morning to the National Association of Manufacturers on the state
of the American economy.
The fact is, the economy remains sound and steady. I know
there are some arm-chair economists out there who've been
predicting doom and gloom for years now. I suggest the hand-
wringers take a look at the indicators. GNP -- up. Exports --
up. Personal income -- up. // Take a look at the trade deficit
2
-- down. The federal deficit -- down. Same with the prime rate.
And of course, unemployment is down: last year's rate was the
lowest in the past 16 years.
That's good news -- but of course there is a great deal we
can and must do to keep this expansion going -- and make a strong
economy even stronger. We've got to start by creating incentives
for investment. We've got to cut the capital gains tax -- bring
the cost of capital in the U.S. into line with our other
industrial competitors. We need to put in place tax incentives
to encourage R&D, to stay competitive tomorrow. And of course
we've got to make the most crucial investment of all -- in our
children. Education. // We know America can't remain a world-
class economy without first-class schools. //
If we adopt this agenda -- if we make these key investments
in our future -- we'll reap a "growth dividend" -- a return on
our investment in expanded opportunity, more jobs, and a higher
standard of living for all Americans. ///
Now, I'll stop right here, and take your questions.
# # #
McGroarty/Dooley
March 14, 1990
3:00 pm
[NNA]
PRESIDENTIAL REMARKS: NATIONAL NEWSPAPER ASSOCIATION DROP-BY
RM. 450, OEOB
MARCH 15, 1990
3:30 P.M.
Welcome to Washington -- and to what we call // the White
House Complex. // [[And no -- that's not the same as "Beltway
Syndrome." //]]
I am pleased to have this chance to meet with such a broad
cross-section of our nation's print journalists. Wherever you're
from -- whether you came in all the way from the West Coast, or
whether you're from one of the "local" local newspapers, within
walking distance of the White House -- I'm delighted to have you
here. The newspapers you represent -- and in many cases, own and
operate -- are part of a proud tradition serving every community
across this country.
In a moment, we'll get on to what you came for -- Q&A. But
before we do, I want to underscore some of the points I made this
morning to the National Association of Manufacturers on the state
of the American economy.
The fact is, the economy remains sound and steady. I know
there are some arm-chair economists out there who've been
predicting doom and gloom for years now. I suggest the hand-
wringers take a look at the indicators. GNP -- up. Exports --
CEA taiking pts.)
up. Personal income -- up. // Take a look at the trade deficit
2
-- down. The federal deficit -- down. Same with the prime rate.
And of course, unemployment is down: last year's rate was the
lowest in the past 16 years.
That's good news -- but of course there is a great deal we
can and must do to keep this expansion going -- and make a strong
economy even stronger. We've got to start by creating incentives
for investment. We've got to cut the capital gains tax -- bring
the cost of capital in the U.S. into line with our other
industrial competitors. We need to put in place tax incentives
to encourage R&D, to stay competitive tomorrow. And of course
we've got to make the most crucial investment of all -- in our
children. Education. // We know America can't remain a world-
class economy without first-class schools. //
If we adopt this agenda -- if we make these key investments
in our future -- we'll reap a "growth dividend" -- a return on
our investment in expanded opportunity, more jobs, and a higher
standard of living for all Americans. ///
Now, I'll stop right here, and take your questions.
# # #
March 14, 1990
BRIEFING MEMORANDUM FOR
NATIONAL NEWSPAPER ASSOCIATION DROP-BY
DATE:
Thursday, March 15, 1990
TIME:
3:30 p.m. - 3:45 p.m.
LOCATION: Room 450, OEOB
THROUGH: DAVID DEMAREST
CHRISS WINSTON
KRISTIN CLARK TAYLOR
FROM:
PAUL LUTHRINGER
Assistant Director of
Media Relations
I. PURPOSE:
To provide brief welcoming remarks to members of the
National Newspaper Association (NNA) members, recognize
their contribution to "grass roots" journalism and
participate in a brief Q & A session.
II. BACKGROUND:
The National Newspaper Association represents over 5,000
community newspapers nationwide.
This is yet another effort to reach beyond the National
press corps and show support for one of the oldest and
worthiest journalistic traditions in America -- the
local and community press.
Your participation in this briefing will follow an on-the-
record briefing by the [Chief of Staff], [Roger Porter] and
[Marlin Fitzwater].
This event falls in the middle of NNA's four-day Government
Affairs Conference here in Washington, during which, members
will attend briefings Nick Brady, Jack Kemp, Dick Cheney,
Lauro Cavazos and Bill Bennett.
President Reagan met with this group seven times during his
two terms.
David Simonsen - Exec VP
466 - 7200
III. PARTICIPANTS:
The President
Chief of Staff
Roger Porter
Marlin Fitzwater
David Demarest
Kristin Clark Taylor
Paul Luthringer
200 NNA member-owners and publishers (list of participants
attached)
IV. PRESS PLAN:
Open photo/writing pool, plus specialty press from NNA
members
V.
TALKING POINTS:
To be provided by Office of Communications
McGroarty/Dooley
March 12, 1990
12:30 pm
[NNA]
PRESIDENTIAL REMARKS: NATIONAL NEWSPAPER ASSOCIATION DROP-BY
RM. 450, OEOB
MARCH 15, 1990
3:30 P.M.
Welcome to Washington -- and to what we call // the White
House Complex. // [[And no -- that's not the same as "Beltway
Syndrome." //]]
I am pleased to have this chance to meet with such a broad
cross-section of our nation's print journalists. Wherever you're
from -- whether you came in all the way from the West Coast, or
whether you're from one of the "local" local newspapers, within
walking distance of the White House -- I'm delighted to have you
here. The newspapers you represent -- and in many cases, own and
operate -- are part of a proud tradition serving every community
across this country.
I know today you've had an opportunity to meet first-hand --
and on the record -- with some of the key players in our
Administration. John Sununu, my Chief of Staff, who some of you
know from his days in the New Hampshire State House. Roger
Porter, my Domestic Policy Advisor, point man on the landmark
Clean Air Act we've been steering through the Senate. And of
course, you've met with the fellow who does this kind of thing
for a living, spokesman Marlin Fitzwater.
2
In a moment, we'll get on to what you came for -- Q&A. But
before we do, I want to underscore a point I made this morning in
my address to the National Association of Manufacturers.
[ [REPRISE N.A.M. NEWS THEME
]]
Now, your questions.
# # #