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5/14/76 - American Association of Advertising Agencies
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Carla A. Hills Speeches
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The original documents are located in Box 2, folder "5/14/76 - American Association of
Advertising Agencies" of the Carla A. Hills Speeches 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States of America his copyrights in all of his unpublished writings in National Archives collections.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 2 of the Carla A. Hills Speeches at the Gerald R. Ford Presidential Library
FINAL
AMERICAN ASSOCIATION OF ADVERTISING AGENCIES
MAY 14, 1976
To BORROW A PHRASE FROM NEWSWEEK: "GOOD AFTERNOON
EMBATTLED BUSINESSMEN."
IT IS A PRIVILEGE FOR ME TO HAVE THE OPPORTUNITY TO
HAVE A DIALOGUE WITH THE QUALITY OF MARKETING TALENT GATHERED
IN THIS ROOM.
I WAS REARED IN THE SPIRIT OF FREE ENTERPRISE, AND THIS
NATION'S STRONG ADVERTISING INDUSTRY IS A LIVING TESTIMONY
TO THAT IDEAL.
I WAS TOLD THAT THIS GROUP CAN SELL ANYTHING AND THAT
I SHOULD TALK FRANKLY TO YOU ABOUT SOME OF OUR MERCHANDISING
PROBLEMS AT HUD.
LET ME BEGIN BY ASKING YOUR HELP IN SELLING SOME 96,000
UNITS OF HOUSING WHICH CONGRESS CAUSED TO BE BUILT IN THE
1960's -- AND WHICH TOO FEW WANT IN THE 1970's.
WASHINGTON DID A GOOD JOB THEN IN SELLING THE VOTING
PUBLIC ON THE NEED TO BUILD THOUSANDS OF HOUSING UNITS --
BUT SOMEWHERE ALONG THE LINE, SOMETHING WENT WRONG.
GERALD R. FORD CIBRARY
-2-
So OFTEN -- so MANY TIMES -- THE BEST INTENDED NATIONAL
PLANS HAVE COLLIDED WITH THE ECONOMIC REALITIES OF THE
MARKETPLACE.
HUD's ROLE AS AN UNWITTING AND UNWILLING FEDERAL LANDLORD
IS BUT AN ISOLATED RESULT OF PAST NATIONAL POLICIES THAT
HAVE TURNED OUR BICENTENNIAL ERA INTO AN ERA OF SERIOUS
AFTERTHOUGHT,
IN AFTERTHOUGHT, WE HAVE LEARNED -- AND PAID DEARLY FOR
THE LESSON -- THAT NO MATTER HOW MUCH WE MAY WILL IT -- A
"SOCIETY" IS NOT SUDDENLY MADE "GREAT" THROUGH WELL MEANING
PROGRAMS WHOSE SOLE SOURCE OF SUSTENANCE IS THE FEDERAL
EXCHEQUER,
No MATTER HOW IMPRESSIVE THE ADVERTISING -- IF THERE IS
NO SENSE TO THE PROGRAM, WE CANNOT SELL IT. THE AMERICAN
PEOPLE WILL NOT, AFTER ALL THE HOOPLA IS OVER, BUY IT.
To BUILD A BETTER PRODUCT, WE HAVE TO KNOW TO BEGIN
WITH, WRONG WITH THE OLD ONE.
IT IS ALL TOO EASY TO SEE BY HINDSIGHT WHAT HAPPENED TO
THIS NATION IN THE PAST 10 YEARS -- A DECADE WHICH THE
KNOWLEDGEABLE SEERS OF THE SIXTIES HAD FORESEEN AS AN ERA OF
GOOD WILL AND GOOD LIVING FOR ALL AMERICANS.
-3-
IN THAT DECADE WE SQUANDERED OUR RESOURCES, DECIMATED
OUR CITIES, ROLLED UP A STAGGERING $350 BILLION FEDERAL
DEBT, FIRED A RAGING INFLATION AND GENERATED A PAINFUL
RECESSION. AND IN so DOING, WE SEVERELY ERODED PUBLIC
CONFIDENCE IN THE CREDIBILITY AND STABILITY OF BOTH BUSINESS
AND GOVERNMENT.
INDEED THE RESULTING LOSS OF VOTER CONFIDENCE IN EITHER
THE PUBLIC OR THE PRIVATE SECTORS TO FIND ECONOMIC SOLUTIONS
HAS PLACED OUR FREE ENTERPRISE SYSTEM IN ITS GREATEST JEOPARDY
SINCE THE GREAT DEPRESSION.
YET, IT IS STILL VERY "AMERICAN" TO SING THE PRAISES OF
OUR FREE ECONOMY THAT HAS MADE AMERICA THE ENVY OF THE
WORLD. AND, RECENT POLLS SHOWING THAT MOST AMERICANS WOULD
MAKE SACRIFICES TO PRESERVE THE SYSTEM MAKE WARM READING,
BUT, WHAT WE SAY ABOUT FREEING OUR ECONOMIC SYSTEM FROM
THE SHACKLES OF FEDERAL REGULATION AND WHAT WE HAVE DONE ARE
VERY DIFFERENT.
TALK OF LIMITING "BIG GOVERNMENT" HAS INCREASED ON BOTH
SIDES OF THE POLITICAL AISLE; BUT, NOT AS FAST AS THE FLOW
OF NEW LAWS, REGULATIONS AND APPROPRIATIONS.
-4-
TALK OF CUTTING GOVERNMENT EXPENDITURES WHICH NOW COUNT
FOR ABOUT 40 PERCENT OF OUR GROSS NATIONAL PRODUCT HAS
INCREASED, BUT PRESIDENT FORD HAS HAD TO VETO 48 BILLS, 40
OF WHICH WERE SUSTAINED, TO PROTECT THE AMERICAN PUBLIC FROM
$13 BILLION OF ADDITIONAL EXPENDITURES.
TRADITIONALLY, POLITICAL CAMPAIGNS HAVE BEEN WAGED AND
WON ON THE PROMISE OF "MORE FOR EVERYBODY". RESTRAINT AND
REASON HAVE NOT BEEN THE RHETORIC OF MOST CANDIDATES,
AND, IN FACT, MANY STILL SINCERELY BELIEVE IN THE POWER
OF GOVERNMENT TO RIGHT EVERY WRONG IN SPITE OF THE EVIDENCE,
You MAY RECALL THE CONTRAST BETWEEN SENATOR MUSKIE'S RESPONSE
TO THE PRESIDENT'S STATE OF THE UNION MESSAGE WHEREIN HE
SAID:
"WE CAN HAVE CONFIDENCE THAT GOVERNMENT
CAN
PUT PEOPLE BACK TO WORK."
WITH THE PRESIDENT'S THEME THAT MORE REAL AND LASTING JOBS
ARE CREATED THROUGH THE PRIVATE SECTOR.
THUS, THE AMERICAN PUBLIC CONFRONTED BY THIS CLASH IN
IDEOLOGY MUST MAKE A PROFOUND CHOICE GROUNDED IN ECONOMICS,
-5-
AND, IF IT IS VAGUE ABOUT THE FINE POINTS OF THE BUSINESS
PROFITS STRUCTURE -- AS POINTED OUT IN A RECENT OPINION
RESEARCH POLL -- THERE ARE NEW SIGNS OF AN INTENSE INTEREST
IN CURRENT ECONOMICS ON THE PART OF THE PEOPLE,
THOSE SIGNS CAN BE SEEN IN MOST LIVING ROOMS OF THE
COUNTRY ON THE NIGHTLY NEWS SHOWS, AS ON-SCENE REPORTERS AND
ANCHOR MEN COVER THE BUSINESS AND FINANCIAL STORIES WITH AS
MUCH CARE AND DETAIL AS THEY GIVE TO THE TOP-BREAKING NEWS
EVENTS.
THE GNP; THE Dow JONES; HOUSING STARTS; STEEL OUTPUT;
DETROIT PRODUCTION; THE UNEMPLOYMENT RATE; THE PRESIDENT'S
BUDGET; MORTGAGE RATES -- ARE NOT JUST "ECONOMIC" NEWS, BUT
NATIONAL NEWS,
SURELY, THE LEADERS OF AMERICA -- BOTH PUBLIC AND
PRIVATE -- MUST BE CHALLENGED BY THIS NEW CURIOSITY OF
AMERICANS IN ECONOMICS, DISHEARTENING AS IT IS TO CONCLUDE,
THAT A GOOD MEASURE OF THE INTEREST STEMS FROM CYNICISM
ROOTED IN A GROWING DISTRUST OF ALL OUR INSTITUTIONS,
-6-
IT IS NO CREDIT -- EITHER TO GOVERNMENT OR TO INDUSTRY
-- THAT MORE AND MORE AMERICANS SEEM TO SEE THEIR OPTIONS
NARROWED TO A CHOICE BETWEEN EVILS: EXPANSIVE GOVERNMENT
WITH UNPRODUCTIVE INDUSTRY vs. LIMITED GOVERNMENT WITH
IRRESPONSIBLE INDUSTRY.
UNLESS WE CAN TAKE STEPS TOGETHER TO MAKE THE ALTERNATIVES
MORE ATTRACTIVE, SOONER OR LATER THE GROWING WEIGHT OF THESE
CHOICES WILL BREAK DOWN THE FREE SYSTEM, WHICH WE ALL ENDORSE,
AND CREATE A CLIMATE IN WHICH EXTREME CALLS FOR ECONOMIC
RESTRUCTURING WILL SEEM LESS STRIDENT AND MORE SENSIBLE,
THE TRUTH IS WE ARE PARTNERS, OUR MAJOR NATIONAL
PROBLEMS MUST BE SOLVED IN PARTNERSHIP, FOR BOTH GOVERNMENT
AND INDUSTRY HAVE ALREADY PROVED THAT THEY ARE INCAPABLE OF
SOLVING THEM ALONE.
IT SOUNDS IN HORSE-AND-BUGGY ABSOLUTES TO ASK: How
MUCH OR HOW LITTLE GOVERNMENT DO WE NEED? THE ANALYSIS
SIMPLY MUST BE MORE QUALITATIVE: WHAT KIND OF GOVERNMENT
WILL WE HAVE IN THIS NATION'S THIRD CENTURY? WHERE, HOW
QUICKLY, AND HOW FAR DO WE MOVE THE BALANCE OF POWER FROM
PUBLIC TO THE PRIVATE SECTOR?
-7-
CERTAINLY, GOVERNMENT MUST BE HUMANE, AND RESPONSIVE,
BUT, UNLESS IT IS PROPERLY COMPATIBLE WITH THE FREE ECONOMY
OF THIS NATION, THOSE ARE NOTHING BUT "BUZZ" WORDS.
OUR PRIVATE ECONOMY CANNOT SUSTAIN AN AWESOME FEDERAL
DEFICIT OF TODAY'S MAGNITUDE WITHOUT THE EROSION OF THE VERY
FINANCIAL RESOURCES THAT ARE VITAL TO THE GROWTH AND PRODUCTIVITY
OF OUR FREE ENTERPRISE SYSTEM, WHICH IS THE SOURCE OF 5 OUT
OF 6 JOBS.
How, FOR EXAMPLE, WILL AMERICA BUILD AND BUY HOMES IN
WHICH TO LIVE IF GOVERNMENT IS THE BIGGEST COMPETITIVE
BORROWER OF AVAILABLE MORTGAGE MONEY?
How WILL WE ACHIEVE REAL ECONOMIC GROWTH IF THE GOVERNMENT
CONTINUES TO COMPETE WITH THE PRIVATE SECTOR FOR DOLLARS TO
BUY PUBLIC SERVICE JOBS WHEN WE KNOW THAT JOBS CREATED IN
THE PRIVATE SECTOR HAVE A FAR GREATER AND MOST LASTING
IMPACT?
ON THE OTHER HAND TO SAY THAT THE GOVERNMENT SHOULD.
STOP THE WORLD AND GET OFF -- AT THIS POINT IN OUR COMBINED
HISTORY -- IS A TURN-OF-THE-CENTURY ABSURDITY. WE KNOW
FEDERAL STIMULANTS CAN BE USED TO BOOST SAGGING SECTORS OF
THE ECONOMY WHEN AND WHERE NECESSARY TO SMOCTH DISLOCATIONS
WITHOUT FEDERALIZING THE ECONOMY.
-8-
IN HIS STATE OF THE UNION ADDRESS, PRESIDENT FORD
CALLED FOR "COMMON SENSE" GOVERNMENT. AND, HE PROPOSED A
FEDERAL BUDGET FOR FISCAL 1977 THAT "PROMISES NO MORE THAN
WE CAN DELIVER", YET, PROVIDES THE MEANS TO "DELIVER ON ALL
THAT WE PROMISE".
IT IS REALLY THE JOINT CHALLENGE OF BUSINESS AND
GOVERNMENT TO DEVISE COMMON SENSE PROGRAMS AND INITIATIVES
THAT ALLOW BOTH OF US TO DELIVER ON OUR PROMISES,
COMMON SENSE DEMANDS A GENUINELY COOPERATIVE ACTION
PROGRAM TO KEEP GOVERNMENT GROWTH TO AN ABSOLUTE MINIMUM, --
BECAUSE SOME GROWTH IS INEVITABLE AS THE COMPLEXITIES OF
EXISTENCE INCREASE. WE NEED TO REFRAIN FROM ISSUING NEW
REGULATIONS AND TO DO AWAY WITH REGULATIONS NOW ON THE BOOKS
THAT SERVE NO DEMONSTRABLE PURPOSE,
THIS TAKES A CONSTANT DIALOGUE, WHERE WE HAVE HAD
STRONG AND OPEN LINES OF COMMUNICATION WITH THE PRIVATE
SECTOR, WE HAVE SUCCEEDED, WHERE WE HAVE NOT, WE HAVE
COMPOUNDED THE PROBLEMS,
-9-
TAKE OUR EXPERIENCE AT HUD WITH THE REAL ESTATE AND
SETTLEMENT PROCEDURES AcT.
OBVIOUSLY, HOMEBUYERS ARE ENTITLED TO PROTECTION IN
PROPERTY PURCHASES. INDEED, THE MOST VOCAL CHAMPIONS OF
THAT RIGHT ARE THE REALTORS THEMSELVES,
BUT, THE INITIAL STATUTE TYPIFIED REGULATION, WELL-
INTENTIONED IN CONCEPT BUT UNREALISTIC IN IMPLEMENTATION,
PRECISELY BECAUSE CONGRESS ENACTED IT WITHOUT THE NECESSARY
INTERCHANGE OF IDEAS ON THE PROBLEMS ADDRESSED OR THE
SOLUTIONS FASHIONED. As A RESULT, WHAT STARTED OUT TO CURB
THE ABUSES OF A FEW, ENDED UP STIFLING THE LEGITIMATE
OBJECTIVES OF THE MANY.
CONVERSELY, TAKE OUR APPROACH TO CONDOMINIUM REGULATION.
LAST YEAR, YOU MAY RECALL, THERE WAS TREMENDOUS PRESSURE
FOR FEDERAL REGULATION OF THE INDUSTRY'S NEW "WONDER CHILD" ---
THE CONDOMINIUM.
GERALD
-10-
WE MOUNTED A HUD/INDUSTRY FACT FINDING EFFORT, DURING
ITS COURSE WE TALKED TO MANY REALTORS AND STATE OFFICIALS,
AND HELD CONSUMER HEARINGS AROUND THE COUNTRY, WE FOUND
ABUSES -- SOME OF THEM EXTREMELY SERIOUS -- BUT NOT NEARLY
AS COMMON OR WIDESPREAD AS THE COMMOTION THEY CAUSED.
BASED UPON THAT JOINT STUDY, IN SEPTEMBER, I WAS ABLE
TO TESTIFY BEFORE SENATOR PROXMIRE'S BANKING COMMITTEE,
BACKED BY DETAILED DATA, AND I WILL TESTIFY BEFORE THE HOUSE
THIS WEDNESDAY, THAT FEDERAL REGULATION SHOULD BE MINIMAL;
THAT DETAILED REGULATION SHOULD BE LEFT TO THE STATES WHICH
ARE BEST EQUIPPED TO TAILOR REGULATORY LAWS TO LOCAL CONDITIONS,
THAT STUDY TOOK A LOT OF WORK IN BOTH THE PRIVATE AND
THE PUBLIC SECTORS, BUT, IT WAS VERY MUCH WORTH IT, PARTICULARLY
FOR THE AMERICAN CONSUMER WHO PAYS THE BILL WHEN GOVERNMENT
REGULATION RAISES INDUSTRY'S COST OF DOING BUSINESS.
EQUALLY IMPORTANT, THIS KIND OF EXERCISE IN COMMONALITY
OF PURPOSE, GIVES EACH PARTNER A MORE INTIMATE LOOK AT EACH
OTHER'S REALISTIC LIMITS.
-11-
AND, THAT KNOWLEDGE IS ESSENTIAL TO THE ULTIMATE
SUCCESS OF THE PARTNERSHIP IN ITS SEARCH FOR THE QUALITATIVE
ANSWERS ABOUT GOVERNMENT. How OFTEN HAVE WE HEARD THE
ADVERSARIES ON HIGH IN THE COUNCILS OF BOTH SECTORS CLAIM
THAT "THOSE PEOPLE JUST DON'T UNDERSTAND OUR PROBLEM",
WHICH, OFTEN AS NOT, IS TRUE,
IN FACT, THAT PROBABLY IS WHY WE TEND TO COMPROMISE
EACH OTHER'S ESSENTIAL INTEREST IN DECISIONS WE MAKE INDEPENDENTLY.
As SECRETARY AT HUD, I HAVE A VERY POINTED INTEREST IN
THE SUCCESS OF OUR COOPERATIVE MISSION, FOR NOWHERE HAS OUR
NATIONAL ECONOMIC CRISIS BEEN MORE SEVERELY FELT THAN IN THE
HOUSING INDUSTRY.
WHEN 1975 OPENED, THE LONG INFLATION WHICH BEGAN IN THE
1960's HAD GENERATED STAGGERING NEW COSTS ACROSS THE BOARD
IN EVERYTHING IT TAKES TO MAKE A HOUSE A HOME -- LAND,
LABOR, BASIC MATERIALS, FINISHED PRODUCTS - TOPPED BY HISTORICALLY
HIGH MORTGAGE INTEREST RATES WHICH TENDED TO JUMP AT ANY
MOMENTARY SIGN OF INCREASED INFLATION,
-12-
POTENTIAL BUYERS AT MIDDLE-INCOME LEVEL, WHO ARE VITAL
TO INDUSTRY HEALTH, LITERALLY, WERE PRICED OUT OF THE MARKET.
NEW HOUSING STARTS WHICH ALREADY WERE LOW, FELL EVEN LOWER
IN LATE 1974 AND EARLY 1975.
RENTS HAD RISEN FASTER THAN TENANTS' INCOME AND "RENT
CONTROL" BECAME A SAD REALITY FOR APARTMENT OWNERS IN MANY
URBAN AREAS.
WE SAW THE FIRST SIGNS OF A POSSIBLE NEW TREND TO
"DOUBLING UP" -- WITH FAMILIES SHARING HOUSING UNITS, A
PHENOMENON THAT HAD BEEN IN STEADY DECLINE SINCE THE EARLY
1900's.
WITH HOUSING STARTS OF ALL KIND CURTAILED BY THE
INFLATIONARY CYCLE, CONSTRUCTION UNEMPLOYMENT BECAME ANOTHER
PAINFUL SIGN THAT SERIOUS RECESSION HAD JOINED INFLATION,
WHILE THE INDUSTRY WAS COUNTING, AMONG ITS OTHER
PROBLEMS, ALL OF THE COSTLY CODES, RESTRICTIONS AND REGULATIONS
LAID ON IT BY ALL LEVELS OF GOVERNMENT -- HUD WAS COUNTING
THE FAILURES OF PREVIOUS GOVERNMENT EFFORTS TO SOLVE THE
CHRONIC SHORTAGE OF LIVABLE LOW-INCOME HOUSING,
LIBRARY
-13-
AMONG OUR "SOUVENIRS" WERE ENORMOUSLY EXPENSIVE SUBSIDIZED
HOUSING PROJECTS WHICH HAD PROVIDED SO LITTLE FOR so MUCH.
By 1975, HUD's PORTFOLIO OF RECLAIMED PROPERTIES HAD
GROWN TO OVER 1,120,000, A PHENOMENON RESULTING FROM UNWISE
INITIAL LOANS COUPLED WITH A SINKING ECONOMY WHICH ACCELERATED
THE INCIDENCE OF RECLAMATION.
ALTHOUGH ONE OF HUD's PRIMARY JOBS IS TO HELP PROVIDE
DECENT HOUSING FOR OUR POORER CITIZENS, OUR CONCERN, IN THIS
DEPRESSION SETTING, SPREAD TO THE TRADITIONAL NEW HOME
BUYERS IN THE MIDDLE-INCOME LEVELS AS WELL,
SURELY, WE COULD ACCOMPLISH NONE OF HUD's OBJECTIVES
UNLESS WE FIRST HAD A HOUSING INDUSTRY HEALTHY ENOUGH TO
HELP SUSTAIN AND CARRY OUT OUR PROGRAMS.
THE QUICK ANSWER -- AND INTENSE PRESSURE - IN THE
WINTER AND SPRING OF 1975 FOR SOLVING THE ECONOMIC DILEMMA
CAME IN A RASH OF PROPOSALS TO "SPEND" THE PROBLEM OUT OF
EXISTENCE WITH MASSIVE USE OF FEDERAL FUNDS - WHICH TRANSLATED
INTO MORE BORROWING, AND ULTIMATELY, ANOTHER INFLATIONARY
WAVE ON TOP OF THE ONE THAT GOT US THERE IN THE FIRST PLACE.
-14-
INSTEAD, WE STEPPED UP LAUNCHING OUR RENTAL SUBSIDY
PROGRAM IN AN EFFORT TO ASSIST VERY LOW INCOME FAMILIES
SECURE DECENT DWELLINGS. THIS PROGRAM RELIES ON THE PRIVATE
MARKET FOR ITS SUCCESS AND DE-EMPHASIZES FEDERAL LANDLORDSHIP.
AND, WE TARGETED SHARPLY FOCUSED PUBLIC FUNDS TO GET
THE PRIVATE HOUSING INDUSTRY MOVING AGAIN,
PRESIDENT FORD APPROVED THE RELEASE OF MORTGAGE PURCHASE
ASSISTANCE FUNDS TO CUSHION THE DEVASTATING EFFECT OF
INFLATION ON SINGLE-FAMILY HOME BUYERSHIP,
OVER 20 MONTHS, HUD OFFERED TO BUY FOR RESALE $15
BILLION WORTH OF MORTGAGES BEARING BELOW-MARKET INTEREST
RATES ON SOME 500,000 NEW HOMES -- ENOUGH TO CRANK UP THE
SINGLE-FAMILY HOUSING INDUSTRY, WITHOUT CRANKING UP MORE
INFLATION.
LAST FALL, THE PRESIDENT APPROVED HUD's REACTIVATION OF
THE HOMEOWNERSHIP SUBSIDY PROGRAM UNDER WHICH WE SUBSIDIZE
DOWN TO 5 PERCENT MORTGAGES IN THE RANGE OF $20,000 TO
$25,000. THIS TRANSLATED INTO ASSISTANCE FOR ABOUT 250,000
LOW AND MODERATE INCOME HOMEBUYERS, GENERATES $6.5 BILLION
IN CONSTRUCTION ACTIVITY AND PUTS 500,000 PEOPLE BACK TO
WORK.
-16-
You MAY RECALL THAT ONE YEAR AGO DISTINGUISHED ECONOMISTS
SUCH AS WALTER HELLER AND OTTo ECKSTEIN WARNED, CONTRARY TO
ALAN GREENSPAN, THAT UNLESS THE MONEY SUPPLY GREW AT AN
ANNUAL RATE OF 10 TO 12 PERCENT, THE ECONOMY WOULD NEVER
MAKE IT OUT OF THE RECESSION.
IN FACT THAT MONEY SUPPLY GREW AT LESS THAN HALF THAT
RATE, AND THE ECONOMY DID EVEN BETTER THAN PRESIDENT FORD
PROMISED.
PERSONAL SPENDABLE INCOME HAS JUMPED BY $100 BILLION,
OUR GROSS NATIONAL PRODUCT WENT FROM $1.4 TRILLION TO
A PREDICTED $1.6 TRILLION.
RETAIL SALES HAVE JUMPED 17 PERCENT.
AUTO SALES 70 PERCENT.
GENERAL MERCHANDISE 13 PERCENT.
HOUSING STARTS 46 PERCENT.
-17-
NEW FACTORY ORDERS HAVE RISEN FROM $77 BILLION TO $90
BILLION.
TODAY, 2.6 MILLION MORE AMERICANS ARE WORKING THAN ONE
YEAR AGO, THE UNEMPLOYMENT RATE HAS MOVED DOWN FROM 9
PERCENT TO 7.5 PERCENT AND CONTINUES DOWNWARD.
As A RESULT, THE INDEX OF CONSUMER CONFIDENCE HAS
DOUBLED.
THERE CAN BE NO QUESTION THAT WE HAVE TURNED THE
CORNER -- BUT, WE STILL HAVE A GOOD WAY TO GO BEFORE WE CAN
HAVE THE LASTING CONFIDENCE THAT COMES FROM STRONG, CONTINUED
ECONOMIC STABILITY - AT ALL LEVELS OF THE INCOME LADDER.
PUBLIC CONFIDENCE IN GOVERNMENT AND INDUSTRY IS IN
DIRECT PROPORTION TO. THE BREAD-WINNER'S CONFIDENCE IN HIS OR
HER CHANCE TO MAKE IT, MULTIPLIED BY ALL THE BREAD-WINNERS
IN THE NATION.
THE CHALLENGE OF OUR DECADE IS TO MAKE OUR SYSTEM OF
FREE ENTERPRISE WORK, AND, FREE ENTERPRISE IS AS MUCH
HAMPERED BY SAGGING PUBLIC CONFIDENCE AS IT IS BY A HARSH
ECONOMIC CLIMATE.
-18-
THAT SHOULD BE CHALLENGE ENOUGH FOR US TO FORGE AND
CULTIVATE A SOLID PARTNERSHIP,