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4/26/76 - Remarks to the 64th Annual Meeting of the U.S. Chamber of Commerce at the DAR Constitution Hall
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4/26/76 - Remarks to the 64th Annual Meeting of the U.S. Chamber of Commerce at the DAR Constitution Hall
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President's Speeches and Statements Reading Copies (Ford Administration)
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The original documents are located in Box 30, "4/26/76 - Remarks to the 64th Annual
Meeting of the U.S. Chamber of Commerce at the DAR Constitution Hall" 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States of America his copyrights in all of his unpublished writings in National Archives collections.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 30 of President's Speeches and Statements: Reading Copies at the Gerald R. Ford Presidential Library
THE PRESIDENT HAS SEEN
REMARKS TO U.S. CHAMBER OF COMMERCE
MONDAY, APRIL 26, 1976
ACKNOWLEDGEMENTS
CHAMBER OF COMMERCE
THANK YOU, MR. MORRISON
(Clint Morrison is Chairman of the
Board, U.S. Chamber of Commerce)
MR. LESHER
(President, U.S. Chamber of Commerce)
DISTINGUISHED MEMBERS AND GUESTS OF THE CHAMBER OF COMMERCE
-1-
IT WAS EXACTLY ONE YEAR AGO LESS A COUPLE OF DAYS
THAT WE LAST MET HERE IN CONSTITUTION HALL
THERE WERE
DIRE PREDICTIONS BY DISTINGUISHED LABOR AND POLITICAL LEADERS
THAT WE WERE HEADED PELL-MELL INTO A DEEP DEPRESSION
THAT UNEMPLOYMENT WOULD SOON EXCEED TEN PERCENT,
/
AND THAT
ONLY MASSIVE FEDERAL ACTION COULD AVERT CALAMITY
-2-
NOT ALL OF US KNEW IT THEN BUT MOST EXPERTS
NOW AGREE/THAT WAS THE VERY TIME WE HIT THE BOTTOM OF THE
WORST RECESSION IN FORTY YEARS
BETWEEN LAST APRIL
AND MAY THINGS TURNED AROUND AND BEGAN GETTING BETTER
INSTEAD OF WORSE
CONSIDER WHAT HAS HAPPENED SINCE OUR
LAST MEETING
-3-
THE RATE OF INFLATION HAS BEEN CUT MORE THAN HALF
AND FOR THE LAST THREE MONTHS HAS HELD STEADY AT AN ANNUAL
RATE OF 2.9 PERCENT
THE PERSONAL SPENDABLE INCOME OF AMERICAN FAMILIES
INCREASED BY ONE HUND RED BILLION DOLLARS
FARM INCOME IS AT AN ALL-TIME HIGH
AND so IS PRODUCTION
-4-
THE GROSS NATIONAL PRODUCT ROSE DURING THE
FIRST QUARTER OF THIS YEAR AT AN ANNUAL RATE OF 7.5 PERCENT
WHILE A YEAR AGO IT WAS OVER 1.4 TRILLION DOLLARS,
TODAY IT IS ESTIMATED AT OVER 1.6 TRILLION DOLLARS
-5-
TOTAL RETAIL SALES ARE UP MORE THAN 17 PERCENT
AUTOMOBILE SALES ARE UP SEVENTY PERCENT OVER A YEAR AGO
FOOD SALES ARE UP MORE THAN NINE PERCENT GENERAL MERCHANDISE
IS UP THIRTEEN PERCENT
-6-
TODAY, MORE AMERICANS ARE GAINFULLY EMPLOYED
THAN EVER BEFORE IN THE 200 YEARS OF OUR NATIONAL HISTORY --
A TOTAL OF 86 MILLION, 700 THOUSAND AT LATEST RECKONING
THAT MEANS TWO MILLION, 600 THOUSAND MORE MEN AND WOMEN
ARE WORKING TODAY THAN WHEN WE MET A YEAR AGO
-7-
UNEMPLOYMENT IS DOWN FROM A NATIONAL RATE
OF NEARLY NINE PERCENT IN MAY OF 1975 TO SEVEN AND A HALF
PERCENT -- STILL MUCH TOO HIGH, BUT MOVING IN THE RIGHT
DIRECTION
-8-
IN SHORT, INSTEAD OF MEETING IN THE GLOOMY DEPTHS
OF RECESSION, WE ARE ASSEMBLED THIS SPRING IN THE FULL SURGE
OF RECOVERY
RATHER THAN WONDERING HOW MUCH WORSE
THINGS WILL GET, TODAY WE SEE EVERY SIGN CONFIRMING AND
RECONFIRMING THAT A STRONG AND STABLE PROSPERITY IS RETURNING
ACROSS THIS GREAT LAND
-9-
THE INDEX OF CONSUMER CONFIDENCE IS DOUBLE
WHAT IT WAS A YEAR AGO
NEW FACTORY ORDERS HAVE RISEN
FROM 77 TO 90 BILLION DOLLARS
INDIVIDUALS AND BUSINESSES
ARE SPENDING AND INVESTING THEIR MONEY WITH FAITH INSTEAD
OF FEAR
THERE HAS BEEN AN EXPLOSIVE RELEASE OF PENT-UP ENERGY
IN THE PRIVATE ECONOMY
AMERICA'S FUTURE LOOKS BRIGHTER
DAY BY DAY
-10-
EVERYTHING THAT IS SUPPOSED TO BE GOING UP
IS GOING UP
AND EVERYTHING THAT IS SUPPOSED TO BE GOING DOWN
IS GOING DOWN
-II-
AND ALL THIS HAS HAPPENED BECAUSE THE
AMERICAN PEOPLE DID NOT PANIC BECAUSE THE GREAT AMERICAN
SYSTEM OF FREE ENTERPRISE IS WORKING
IT IS BEING ALLOWED
TO WORK WITHOUT MASSIVE DOSES OF THE WRONG MEDICINE
PRESCRIBED BY POLITICAL QUICK-FIXERS FOR FAR TOO MANY YEARS
IT IS WORKING EVEN BETTER THAN I HOPED WHEN I PUT MY FAITH IN
THE VITALITY OF PRIVATE INITIATIVE AT THE ONSET OF THE RECESSION.
-12-
YOU ARE HERE AS REPRESENTATIVES OF MILLIONS
AND MILLIONS OF AMERICANS WHO BELIEVE IN PRIVATE INITIATIVE
AND THE FREE ECONOMIC SYSTEM
YOU ARE THE PEOPLE WHO
MAKE IT WORK
I THANK YOU AND SALUTE YOU FOR WHAT
YOU HAVE DONE IN THE PAST TWELVE MONTHS BUT I AM NOT HERE
TO CELEBRATE WITH YOU A BATTLE THAT HAS BEEN WON
I AM HERE TO TELL YOU THE BATTLE HAS ONLY BEGUN
-13-
WE HAVE JUST BEGUN TO FIGHT FOR THE FULL RECOVERY
AND LASTING PROSPERITY THAT CAN BE OURS WITH BENEFITS EVER
MORE WIDELY SHARED AMONG THE AMERICAN PEOPLE, ONLY IF WE
CONTINUE ON THE STRAIGHT AND NARROW COURSE WHICH WE ARE
NOW FOLLOWING
THERE ARE MANY HAZARDS FOR THE HELMSMAN
ON THAT COURSE
-14-
ON THE ONE SIDE LIES INFLATION
WHOSE CRUEL ROCKS
have
#
SCUTTLED MANY GREAT NATIONS OF THE PAST
WE HAVE HALTED
THE RUNAWAY DOUBLE-DIGIT INFLATION THAT PREVAILED WHEN
I BECAME PRESIDENT 21 MONTHS AGO
THERE ARE ENCOURAGING
SIGNS MONTHLY THAT WE ARE HOLD ING INFLATIONARY PRESSURES DOWN
-15-
BUT TODAY WE FACE A TOUGHER TEST, SUSTAINING THE ECONOMIC
RECOVERY THAT HAS BEGUN AND ENSURING STEADY
STABLE GROWTH
WITHOUT STARTING ANOTHER CYCLE OF INFLATIONARY BOOM
THAT LEADS INEVITABLY TO ANOTHER RECESSIONARY BUST
-16-
ON THE OTHER SIDE LOOM THE DREAD SHOALS
OF UNEMPLOYMENT
IT NEVER DID REACH TEN PERCENT
BUT THE UNEMPLOYMENT RATE IS STILL SEVERE, ESPECIALLY AMONG
YOUNGER WORKERS
MINORITIES
AND IN CERTAIN KEY INDUSTRIES
AND METROPOLITAN AREAS
-17-
THE STATISTICS ARE IMPROVING, BUT THE CORROSIVE EFFECT
OF JOBLESSNESS CANNOT BE COMPREHENDED BY STATISTICS ALONE
UNEMPLOYMENT AFFECTS PEOPLES' PRIDE,
THEIR HOPE,
THEIR WHOLE ATTITUDE TOWARD THE FREE SOCIETY
AND POLITICAL SYSTEM WHOSE 200th BIRTHDAY WE CELEBRATE
THIS YEAR
-18-
CLEARLY, THE CREATION OF AN ECONOMIC CLIMATE
IN WHICH EVERY AMERICAN WHO WANTS TO WORK HAS A GOOD JOB
IS
ALONG WITH THE SAFETY AND SECURITY OF OUR NATION
IN A DANGEROUS WORLD
-
A PRIMARY CONCERN OF EVERY CITIZEN
CERTAINLY IT IS MINE
-19-
BUT PUTTING AMERICA TO WORK IS NOT A JOB
FOR THE PRESIDENT ALONE
OR FOR THE CONGRESS ALONE,
\
THOUGH SOMETIMES SENATORS AND CONGRESSMEN SEEM TO THINK
THEY CAN ABOLISH UNEMPLOYMENT BY PASSING NEW LAWS
SUCH AS THE DANGEROUSLY DECEPTIVE HUMPHREY-HAWKINS BILL
NOW PENDING
-20-
THIS HUMPHREY-HAWKINS BILL
FOR WHICH
THE CONGRESS HAS BUDGETED START-UP MONEY
IS A CLASSIC EXAMPLE
OF THE WAY THE MISGUIDED MAJORITY IN RECENT CONGRESSES
REACTS
ANYTHING THAT SEEMS WRONG WITH THE ECONOMY,
THE FEDERAL GOVERNMENT MUST RUSH IN AND FIX, MAINLY BY
SPENDING MORE BILLIONS OF DOLLARS
-21-
THIS VAST ELECTION-YEAR BOONDOGGLE WOULD DECREE
THAT UNEMPLOYMENT MUST BE NO HIGHER THAN THREE PERCENT BY
THE END OF FOUR YEARS
NEVER MIND THAT THIS RECESSION
WILL BE LONG FORGOTTEN BY THEN
IF NOT ENOUGH PRIVATE JOBS
be required
ARE AVAILABLE, THE FEDERAL GOVERNMENT WILL MAKE WORK
by law to conjure up "make-work "job.
-22-
HOW MUCH ALL THIS WOULD COST HOW LONG SUCH PUBLIC PAYROLL
JOBS WOULD CONTINUE,
/
WHAT THE ADDED INFLATIONARY IMPACT
WOULD BE, REALLY DEFIES RATIONAL CALCULATION
NEVER MIND
THE LAW WOULD GET THE FEDERAL GOVERNMENT DEEPER AND DEEPER
INTO SOCIAL AND ECONOMIC PLANNING ON A NATIONAL SCALE
UNPRECEDENTED IN ALL OUR HISTORY
-23-
I AM AGAINST THE HUMPHREY-HAWKINS BILL
INSTEAD I HAVE PROPOSED TAX REDUCTIONS AND OTHER TAX INCENTIVES
TO CREATE MORE AND BETTER JOBS IN PRIVATE ENTERPRISE
SOME WERE ENACTED LAST YEAR AND ARE OBVIOUSLY WORKING
-24-
OTHERS ARE LANGUISHING IN THE CONGRESS AND SHOULD BE PASSED
PROMPTLY TO ACCELERATE EMPLOYMENT IN HARD-HIT AREAS
MY BUDGET PROVIDES FUNDS TO SUPPORT ADEQUATE UNEMPLOYMENT
INSURANCE AND PROVEN JOB TRAINING PROGRAMS UNTIL EVERY AMERICAN
WHO WANTS WORK CAN FIND IT
THE DIFFERENCE BETWEEN
MY APPROACH AND THAT OF THE CONGRESS COULDN'T BE MORE
CLEAR-CUT AND I AM GLAD TO JOIN THE ISSUE
-25-
PUTTING AMERICA TO WORK IS A CHALLENGE
FOR ALL OF US WHO REALLY BELIEVE IN THE FREE ECONOMIC SYSTEM
OF PRIVATE ENTERPRISE THAT HAS DEVELOPED OVER 200 YEARS
IN THE FREE POLITICAL ENVIRONMENT OF THIS COUNTRY
-26-
PREVENTING A RESURGENCE OF INFLATION
AS RECOVERY PROCEEDS AND OUR ECONOMY EXPANDS IS ALSO
A CHALLENGE FOR ALL OF US
-27-
TO SUCCEED DEMANDS NOTHING LESS THAN REVERSAL OF THE
POLITICAL TRENDS OF RECENT DECADES WHICH HAVE BROUGHT
CONTINUOUS GROWTH OF FEDERAL SPEND ING
HIGHER DEFICITS
MORE BORROWING AND AN EVER-INCREASING ECONOMIC ROLE
FOR GOVERNMENT AT THE EXPENSE OF THE PRIVATE ECONOMY
-28-
THIS IS PERHAPS THE DECISIVE ISSUE OF OUR
BICENTENNIAL YEAR AND THIS ISSUE IS BEING VERY CLEARLY DRAWN
ON CAPITOL HILL EVEN AS OUR ECONOMIC RECOVERY CONTINUES
-29-
THE BEST PLACE TO EXAMINE THIS ISSUE NOW,
BEFORE IT BECOMES WILDLY EXAGGERATED IN ELECTION-YEAR ORATORY,
IS IN THE FEDERAL BUDGETS FOR FISCAL YEAR 1977, WHICH BEGINS
NEXT OCTOBER FIRST, AS PROPOSED BY THE PRESIDENT
AND BY THE CONGRESS.
-30-
Show
THIS YEAR FOR THE FIRST TIME THERE IS NOT
ONE FEDERAL BUDGET RECOMMENDATION BUT TWO -- MINE AS PRESIDENT
AND THE CONGRESSIONAL BUDGET TO BE ADOPTED BY THE HOUSE
AND THE SENATE
-31-
THE SENATE HAS SET ITS TENTATIVE TARGET FIGURES AND
THE HOUSE IS SCHEDULED TO ACT THIS WEEK
SINCE THE TWO BUDGET
COMMITTEES' RECOMMENDATIONS DIFFERED ONLY SLIGHTLY
I WILL REFER TO THE COMPLETED SENATE VERSION
-32-
AS BUSINESSMEN AND BUSINESSWOMEN
YOU KNOW SOMETHING ABOUT THE BUDGETARY PROCESS
YOU KNOW THAT A BUDGET IS SORT OF A REAL-WORLD SUBSTITUTE
FOR A CRYSTAL BALL A CAREFUL COMPILATION OF CURRENT DECISIONS
AND BEST ESTIMATES THAT DETERMINES THE WAY WE WANT TO GO
IN THE FUTURE
-33-
USING DOLLAR FIGURES
IT FIXES PRIORITIES IN EVERY AREA
OF PUBLIC POLICY
THESE BUDGETS ARE FAR MORE REALISTIC
AND REVEALING THAN POLITICAL PARTY PLATFORMS EVER WERE
MY BUDGET AND THE BUDGET THIS CONGRESS IS ABOUT
TO ADOPT SET FORTH IN STARK CONTRAST THE DIFFERENCE BETWEEN
THE WAY I WANT TO GO AND THE WAY THEY WANT TO GO
-34-
IN PROVIDING FUNDS FOR NEW MILITARY WEAPONS
AND OVERALL NATIONAL SECURITY NEEDS
AN AREA OF THE
FEDERAL BUDGET THAT CONGRESSES HAVE SYSTEMATICALLY SHORTCHANGED
BY FIFTY BILLION DOLLARS OVER THE PAST DECADE
THE PRELIMINARY
CONGRESSIONAL FIGURES ARE SUBSTANTIALLY THE SAME AS THE
RECORD 114 BILLION DOLLAR DEFENSE BUDGET I RECOMMENDED
IN JANUARY
-34a-
Onthis point
FOR THE PAST THREE MONTHS I'VE WORKED ON THE CONGRESS
1
AND I'M GLAD THEY ARE GETTING THE WORD
-35-
THE AMERICAN PEOPLE WANT THE FINEST ARMY
NAVY
AIR FORCE AND MARINE CORPS MONEY CAN BUY AND THEY DON'T WANT
OUR UNSURPASSED POWER FOR PEACE TO BECOME A POLITICAL FOOTBALL
THIS YEAR
I AM ENCOURAGED BY THE CONGRESS' REFLECTION
OF THIS CONCERN
BUT THERE ARE PLENTY OF OTHER DIFFERENCES
BETWEEN CONGRESS' BUDGET AND MINE
-36-
THEY WANT TO SPEND 413 BILLION DOLLARS NEXT YEAR
I PROPOSE 396 BILLION DOLLARS
SAVING 17 BILLION DOLLARS
IN UNNEEDED FEDERAL EXPENDITURES
ALSO, THEIR BUDGET AUTHORIZES,
OVER THE LONG-TERM,
455 BILLION DOLLARS IN NEW SPEND ING
MINE WOULD HOLD
THIS COMMITMENT TO 433 BILLION DOLLARS,
SAVING 22 BILLION
DOLLARS
-37-
CONGRESS HOPES TO INCREASE FISCAL 1977 REVENUES
BY TWO BILLION DOLLARS
BUT WON'T SAY HOW
1st
I WANT TO CUT FEDERAL INCOME TAXES ON JULY ONE
BY ANOTHER TEN BILLION DOLLARS
CONGRESS WANTS TO INCREASE THE FISCAL 1977 DEFICIT
BY 7.2 BILLION DOLLARS OVER MY BUDGET FIGURE,
BRINGING
over #725 billion dollars
THE NATIONAL DEBT TO A TOTAL OF 726 BILLION, 511 MILLION DOLLARS
-38-
MY BUDGET WOULD CUT THE RATE OF GROWTH IN
FEDERAL SPENDING IN HALF
LOOKING TOWARD A BALANCED BUDGET
IN FISCAL 1979
SIMPLY STATED , THE BUDGET PROPOSED BY THE CONGRESS
IS ANOTHER BLUEPRINT FOR MORE FEDERAL SPEND ING
BIGGER FEDERAL PROGRAMS.
HIGHER TAXES AND GOING DEEPER
INTO DEBT
-39-
show
MY BUDGET IS A BALANCED PLAN TO CUT IN HALF
THE GROWTH OF FEDERAL SPENDING, WHICH HAS RUN ABOUT
50 BILLION DOLLARS ANNUALLY IN RECENT YEARS
TO FURTHER
REDUCE TAXES
AND TO START REDUCING THE ROLE OF
THE FEDERAL GOVERNMENT IN EVERYBODY'S AFFAIRS
-40-
IF MY PLAN IS FOLLOWED
WE CAN HAVE
A BALANCED FEDERAL BUDGET AND FURTHER TAX REDUCTIONS
BY FISCAL 1979
-41-
IF THE CONGRESS HAS ITS WAY THERE IS EVERY REASON
TO EXPECT THAT OUR PRESENT RECOVERY WILL BE FOLLOWED
BY A NEW ROUND OF INFLATION AND THEN ANOTHER RECESSION WITH
HIGHER UNEMPLOYMENT,
IN THE SAME OLD ROLLER-COASTER PATTERN
OF THE POST-WAR YEARS
-42-
LAST OCTOBER, I WARNED ALL AMERICANS
THAT WE WERE AT A CROSSROADS IN OUR HISTORY.
THAT WE MUST DECIDE
WHETHER TO CONTINUE ON THE PATH TOWARD BIGGER GOVERNMENT,
HIGHER TAXES AND HIGHER INFLATION:
OR CHOOSE A NEW DIRECTION,
HALTING THE GROWTH OF GOVERNMENT,
RESTORING PROSPERITY,
AND ALLOWING INDIVIDUALS A GREATER VOICE IN THEIR OWN FUTURE
-43-
MY STATE OF THE UNION AND BUDGET MESSAGES
IN JANUARY PROVIDED THE DETAILS OF THE NEW DIRECTION I PROPOSE.
NOW, IN ITS NEW BUDGET PROCESS, THE CONGRESS
it looks like Congress will
HAS ALSO COME TO THE CROSSROADS
AND [IT HAS] IT HAS DELIBERATELY
DECIDED TO STICK TO THE OLD ROAD
A ROAD THAT LEADS TO RUIN
-44-
I SUPPORTED THE IDEA OF A CONGRESSIONAL BUDGET
PROCESS IN THE CONGRESS AND I WELCOME IT AS PRESIDENT
THIS YEAR EACH MEMBER OF THE HOUSE AND SENATE,
AND ALL COMMITTEES, ARE COMPELLED TO CONSIDER THE FEDERAL BUDGET
AS A WHOLE, AND TO APPORTION EXPENDITURES IN SOME RELATION
TO EXPECTED REVENUES AND TOLERABLE DEFICITS
-45-
THIS IS THE WAY PRESIDENTS
AND TAXPAYERS
HAVE ALWAYS HAD TO CONSIDER THEIR BUDGETS
THE NEW LAW THAT REQUIRES THE CONGRESS TO IMPOSE
FISCAL LIMITS ON ITSELF WHILE IT IS AUTHORIZING AND APPROPRIATING
MONEY CERTAINLY SHOULD PRODUCE A GREATER MEASURE OF
RESPONSIBILITY THAN THE TIME-HONORED RULE OF TAX AND TAX
SPEND AND SPEND
\
ELECT AND ELECT
AT LEAST I HOPE IT WILL
-47-
I WELCOME THE CONTRASTING APPROACHES so CLEARLY
REVEALED IN THE TWO BUDGET PROPOSALS
CONGRESSES' AND MINE
THE UPCOMING BATTLE OF THE BUDGETS IS A CRUCIAL SHOWDOWN
AND WITH THE SUPPORT OF THE AMERICAN PEOPLE I MEAN TO FIGHT
IT OUT IF IT TAKES ALL SUMMER
AND MORE AND MORE VETOES
-48-
so FAR I HAVE VETOED 48 BILLS SENT ME
BY THIS CONGRESS AND 39 OF MY VETOES HAVE BEEN SUSTAINED
SAVING THE AMERICAN TAXPAYERS SOME THIRTEEN BILLION DOLLARS
AND THERE ARE PLENTY MORE VETOES WHERE
THOSE CAME FROM
-49-
BUT MORE IMPORTANT, MY POSITION IS PLAIN
AND MY BUDGET PROPOSALS ARE PRECISE:
-50-
THE WAY TO SUSTAINED ECONOMIC GROWTH IS TO ENCOURAGE
OUR FREE PRIVATE ECONOMY TO EXPAND
TO MODERNIZE AND
TO PRODUCE MORE GOODS AT LOWER PRICES.
THE WAY TO CREATE
MORE JOBS AND REACH FULL EMPLOYMENT IS THROUGH THE
PRIVATE ENTERPRISES WHERE FIVE OUT OF SIX JOBS ARE FOUND;
REAL
REWARD ING
PERMANENT JOBS WITH A PURPOSE AND A FUTURE
-51-
FURTHERMORE, THE POSITION OF THE MAJORITY
IN THE CONGRESS IS PLAIN AND THEIR BUDGET PRIORITIES ARE PRECISE
THEY BELIEVE THAT MORE DIRECT FEDERAL INTERVENTION IN OUR
ECONOMIC RECOVERY IS REQUIRED TO KEEP IT GOING
-52-
THEY BELIEVE HIGHER FEDERAL SPEND ING ON A HOST OF SOCIAL PROGRAMS
WILL STIMULATE A MORE RAPID RECOVERY AND THAT THE GOVERNMENT
SHOULD PROVIDE JOBS FOR EVERYBODY IF PRIVATE EMPLOYERS
DON'T DO so FAST ENOUGH
-53-
SOMEHOW THE CONGRESSIONAL MAJORITY
STILL BELIEVES
IF THEIR BUDGET CAN BE OUR GUIDE
THAT CONTINUED MASSIVE FEDERAL DEFICITS AND BORROWINGS
NEED NOT BE INFLATIONARY
PERHAPS NOW THAT THE COST OF
LIVING HAS STOPPED SKYROCKETING, WHAT THEY ARE REALLY TELLING US
IS THAT JUST A LITTLE MORE INFLATION IS GOOD FOR YOU
WELL
THEY ARE WRONG
-54-
THESE ECONOMIC THEORIES HAVE BEEN WRONG FOR YEARS
THEY ARE WRONG NOW, AND WE ARE ABOUT TO PROVE HOW WRONG
THEY ARE
EVERY ECONOMIC INDICATOR SAYS WE ARE ON
THE RIGHT COURSE
I DON'T INTEND TO BE SIDETRACKED NOW
BUT WE AMERICANS ARE PRACTICAL PEOPLE
-55-
WE ARE INTERESTED IN RESULTS
THE AMERICAN PEOPLE WON'T CONCLUDE THAT
THE CONGRESS IS WRONG IN ITS ECONOMIC APPROACH JUST BECAUSE
The american people
I SAY IT IS, OR YOU SAY IT IS
THEY WANT MORE AND BETTER JOBS
WITH PAYCHECKS THAT ARE WORTH AS MUCH NEXT WEEK AS THEY WERE
LAST WEEK
-56-
215 MILLION AMERICANS WANT UNEMPLOYMENT
TO COME DOWN AND INFLATION TO STAY DOWN
CONGRESS SAYS THE ANSWER IS ANOTHER QUICK-FIX
LIKE THE HUMPHREY-HAWKINS APPROACH
YOU AND I KNOW THAT WON'T WORK
I'LL DO MY PART BUT THE ANSWER IS UP TO YOU
you are The real -57- job makers.
I CALL UPON YOU AND MILLIONS LIKE YOU
WHO BELIEVE IN THE FREE PRIVATE ENTERPRISE SYSTEM TO GO HOME
more + more
AND PUT AMERICAN,BACK TO WORK
I CALL UPON YOU AND MILLIONS OF OTHER AMERICANS
TO DEMAND THAT THE CONGRESS HELP CONTROL INFLATION BY CUTTING
FEDERAL SPENDING AND RETURNING MORE TAX DOLLARS TO THE PEOPLE
WHO EARNED THEM
-58-
I CHALLENGE THE BUSINESSMEN AND BUSINESSWOMEN
OF AMERICA, AND ALL THE PRODUCTIVE PEOPLE OF THIS GREAT COUNTRY
TO ROLL UP YOUR SLEEVES AND SHOW THE WORLD THAT OUR GREAT
FREE ENTERPRISE SYSTEM IS STILL HALE AND HEARTY IN THIS
BICENTENNIAL YEAR
IF WE FAIL NOW, WE MAY NEVER GET ANOTHER CHANCE.
THANK YOU
END OF TEXT