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9/21/75 - Remarks at a Meeting of the National Association of Life Underwriters, Anaheim, CA
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9/21/75 - Remarks at a Meeting of the National Association of Life Underwriters, Anaheim, CA
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President's Speeches and Statements Reading Copies (Ford Administration)
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Speeches, addresses, etc.
Vetoes
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The original documents are located in Box 16, "9/21/75 - Remarks at a Meeting of the
National Association of Life Underwriters, Anaheim, CA" 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States of America his copyrights in all of his unpublished writings in National Archives collections.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 16 of President's Speeches and Statements: Reading Copies at the Gerald R. Ford Presidential Library
THE PRESIDENT HAS SEEN
email
PRESIDENTIAL REMARKS
TO THE
NATIONAL ASSOCIATION OF LIFE UNDERWRITERS
ANAHEIM, CALIFORNIA
SUNDAY, SEPTEMBER 21, 1975
- I -
LET ME THANK PRESIDENT NORMAN LEVINE FOR THAT
VERY KIND INTRODUCTION.
PRESIDENT LEVINE IS A VERY
RARE AND UNIQUE GENTLEMAN AND THERE'S A STORY BEHIND
THAT COMPLIMENT.
A FEW YEARS AGO I SHARED A HEAD TABLE AT A
DINNER IN NEW YORK WITH NORMAN LEVINE.
A FEW PEOPLE
WERE GOOD ENOUGH TO ASK ME TO SIGN THEIR PROGRAMS AND
IN so DOING, MY PEN RAN OUT OF INK.
so I BORROWED
NORM'S.
Lenter Rosen
- 2 -
WELL, A FEW YEARS WENT BY AND THE NEXT TIME
I SAW NORM WAS IN MARCH OF THIS YEAR, WHEN HE CAME TO
THE OVAL OFFICE TO TALK ABOUT THIS DINNER.
AFTER THE
MEETING WAS OVER, I ASKED NORM TO ACCEPT A PAIR OF CUFFLINKS
AS A SOUVENIR OF HIS VISIT.
NORM WAS VERY GRACIOUS
ABOUT IT.
HE THANKED ME,
DECLINED THE OFFER AND SAID
IF I DIDN'T MIND, HE'D JUST LIKE HIS PEN BACK
so I GAVE NORM A PEN AND THAT'S WHY I SAY
HE'S A VERY RARE AND UNIQUE GENTLEMAN.
HOW OFTEN DO YOU
MEET ANYONE WHO EVER GOT SOMETHING BACK FROM WASHINGTON?
- 3 -
IT'S GREAT TO BE HERE IN ANAHEIM -- WITH so
MANY OLD FRIENDS: CARNEY SMITH, YOUR EXECUTIVE VICE
PRESIDENT, WAS MY NEIGHBOR IN ALEXANDRIA, VIRGINIA --
UNTIL I MOVE INTO PUBLIC HOUS ING ON PENNSYLVANIA AVENUE.
I'M ALSO DELIGHTED TO SEE JACK McDONALD
HERE -- A FRIEND AND FORMER COLLEAGUE IN THE CONGRESS.
- 4 -
IN SHORT, SOME OF MY BEST FRIENDS ARE IN THE INSURANCE
BUSINESS -- AND THAT'S ONE REASON I AM PLEASED TO BE HERE TODAY.
ANOTHER IS THAT I WANT TO PAY TRIBUTE TO YOU WHO SELL INSURANCE.
ALTOGETHER, I AM ADVISED THE POLICIES YOU HAVE SOLD TOTAL MORE
THAN 2 TRILLION DOLLARS. THAT'S AN IMPRESSIVE FIGURE -- TWO,
FOLLOWED BY I2 ZEROES.
YOU TYPIFY THE FREE ENTERPRISE SYSTEM--
THE MEN AND WOMEN WHO GO OUT ON YOUR OWN, WITH YOUR
INITIATIVE AND ENERGY AND TALENT WORKING FOR YOU.
YOU ARE
THE LEADERS OF YOUR COMMUNITIES.
J comment your afforts as
participants in public service,
you + your policy own have
including the pratical avern.
a big rtohe in responsible government This
I carge you I continue q spend
- 5 -
WHAT YOU DO IS IMPORTANT TO THIS COUNTRY.
WHEN YOU TALK INSURANCE TO PEOPLE, YOU'RE GETTING THEM TO
THINK AND PLAN FOR THEIR FUTURES.
AND WHEN THEY TAKE OUT
INSURANCE THEY ARE NOT ONLY PROVIDING FOR THEIR FAMILIES'
SECURITY BUT FOR THE COUNTRY'S FUTURE AS WELL -- BECAUSE MOST
OF THEIR PREMIUM MONEY IS RE-INVESTED BY YOUR COMPANIES
IN AMERICA.
- 6 -
ALTOGETHER, I AM ADVISED THAT THESE INVESTMENTS
TOTAL MORE THAN 278 BILLION DOLLARS -- INCLUDING 88 BILLION
DOLLARS IN MORTGAGES ON HOMES AND COMMERCIAL BUILDINGS
ALONE.
I LOOK UPON THIS AS AN IMPRESSIVE VOTE OF
CONFIDENCY BY THE INSURANCE INDUSTRY IN THE FUTURE OF AMERICA.
- 7 -
SOME ECONOMISTS CALL IT "CAPITAL FORMATION,"
BUT I PREFER THE MORE BASIC TERM:
"JOB CREATION."
THIS MONEY HELPS START NEW BUSINESSES.
IT MODERNIZES
AND EXPANDS OUR INDUSTRIES.
IT FINANCES HOME BUILDING.
IT ALL ADDS UP TO ONE BIG PLUS FOR AMERICA IN THE FORM
OF JOBS.
- 8 -
SAVINGS,
INVESTMENT AND JOBS -- THOSE ARE THE
BASIC INGREDIENTS THAT MAKE OUR ECONOMY STRONG AND
HEALTHY.
IN TURN,
THEY LEAD TO MORE SAVINGS,
MORE
INVESTMENT AND MORE JOBS.
- 9 -
THERE IS A PHRASE IN THE JARGON OF ECONOMICS
WHICH HAS ALWAYS BOTHERED ME.
THE PHRASE IS
"AN ACCEPTABLE RATE OF UNEMPLOYMENT."
AS FAR AS I AM
CONCERNED, THERE IS NO ACCEPTABLE RATE OF UNEMPLOYMENT --
AS LONG AS THERE IS ONE AMERICAN WHO WANTS A JOB
AND CANNOT FIND ONE.
- 10 -
THE HUMAN TRAGEDY OF INVOLUNTARY UNEMPLOYMENT
CANNOT BE MEASURED BY THE GRAPHS
THE CHARTS OR THE
PERCENTAGES WHICH SHOW UP IN GOVERNMENT REPORTS.
HOW CAN COLD STATISTICS EVER ADEQUATELY PORTRAY THE
TRAUMA OF A LOST JOB, LOST SAVINGS AND LOST PRIDE?
AMERICA'S GREATEST NATURAL RESOURCE IS HER PEOPLE --
AND I INTEND TO SEE THAT THIS RESOURCE IS NOT ENDANGERED.
- II -
ONE OF THE PRIME GOALS OF MY ADMINISTRATION IS TO
SUSTAIN THE ECONOMIC RECOVERY NOW UNDERWAY AND TO PUT
OUT-OF-WORK AMERICANS BACK ON THE JOB.
A WORKING
AMERICAN IS A BUYING AMERICAN AN INVESTING AMERICAN,
A SAVING AMERICAN.
UNEMPLOYMENT CHECKS ARE DESIGNED
SIMPLY TO MAINTAIN LIFE
PAYCHECKS ARE TO ENRICH LIFE
TO PROVIDE NOT ONLY ITS NECESSITIES BUT SOME OF ITS LUXURIES.
- 12 -
NO AMERICAN CAN SUCCESSFULLY ENGAGE IN THE PURSUIT
OF HAPPINESS UNTIL THE BASIC NEEDS OF FOOD,
CLOTHING,
SHELTER,
EDUCATION AND EMPLOYMENT ARE FIRST MET.
- 13 -
BY THE YEAR 1980, TO MEET THE EMPLOYMENT
REQUIREMENTS OF OUR EXPANDING POPULATION, WE MUST
CREATE OVER 11 MILLION NEW JOBS!
ELEVEN MILLION
NEW JOBS TO BUILD THE HOUSES,
\
PRODUCE THE PRODUCTS,
HARVEST THE FIELDS -- AND EARN THE SALARIES THAT PAY FOR
IT ALL.
ELEVEN MILLION NEW JOBS TO SHOW THE REST OF
THE WORLD THAT THE AMERICAN DREAM FUNCTIONS BEST WHEN
WE'RE WIDE AWAKE.
- 14 -
THIS ADMINISTRATION HAS ALREADY PROPOSED TO THE
CONGRESS REFORMS WHICH WILL ESTABLISH TAXING POLICIES
NECESSARY TO THE DEVELOPMENT OF NEW CAPITAL AND THE
CREATION OF NEW JOBS.
THESE REFORMS WILL GIVE
UNITED STATES BUSINESS AND INDUSTRY SOME OF THE INCENTIVES
OUR ECONOMIC EXPANSION REQUIRES.
MOST IMPORTANTLY,
THEY WILL GIVE JOB-SEEKERS A PAYCHECK
INSTEAD OF A
RAINCHECK.
- 15 -
THE TIME TO ACT IS NOW.
BECAUSE OF THE
RECESSION SLOWDOWN, \ OUR PLANTS AND FACTORIES ARE
UNDER-UTILIZED.
BUT THE SIGNS ARE CLEAR FOR ALL TO
SEE THAT AMERICA'S ECONOMY IS PICKING UP SPEED.
- 16 -
TODAY THERE ARE 1,500,000 MORE PEOPLE WORKING THAN
THERE WERE IN MARCH.
THE UNEMPLOYMENT RATE HAS DROPPED.
INDUSTRIAL PRODUCTION IN THE LAST TWO MONTHS HAS INCREASED
AT AN 11.3 PERCENT ANNUAL RATE.
RETAIL SALES FROM MARCH
THROUGH AUGUST ROSE AT A 20 PERCENT ANNUAL RATE.
REAL
DISPOSABLE PERSONAL INCOME ROSE IN THE SECOND QUARTER AT
A 21 PERCENT ANNUAL RATE.
- 16a -
JUST TWO DAYS AGO -- AND THIS IS MOST
SIGNIFICANT -- THE LABOR DEPARTMENT REPORTED THAT THE
COST OF LIVING RATE IN AUGUST ROSE ONLY TWO-TENTHS OF
ONE PERCENT,
THE SMALLEST MONTHLY INCREASE IN THREE
YEARS.
- 16b -
MORE IMPORTANTLY, THIS FIGURE REPRESENTS AN ANNUAL
INFLATION RATE OF ONLY TWO PERCENT -- INSTEAD OF THE 12 TO
14 PERCENT WE WERE CONFRONTED WITH A YEAR AGO.
THAT'S
GOOD NEWS.
- 17 -
BUT WE MUST NOT ALLOW THE GOOD NEWS TO OBSCURE
THE FACT THAT THERE'S STILL A LOT TO DO IF WE ARE TO
MAINTAIN A STRONG AND HEALTHY ECONOMY -- UNFETTERED BY
RUNAWAY INFLATION.
- 18 -
TO MAKE SURE INFLATION DOESN'T GET OUT OF HAND
AGAIN, WE MUST HOLD THE LINE ON A NUMBER OF NEW FEDERAL
SPENDING PROGRAMS -- PROGRAMS WHICH COULD WELL PUSH
UP THE DEFICIT NEXT YEAR AND FIRE UP INFLATION.
- 19 - -
THAT'S WHY I HAVE BEEN USING THE PRESIDENTIAL VETO.
SOME HAVE CALLED THIS NEGATIVE ACTION.
//
BUT IT IS NOT.
IT IS POSITIVE ACTION -- A CONSTRUCTIVE WAY TO ACHIEVE
BETTER LEGISLATION.
LET ME EXPLAIN.
- 20 -
FROM MY 25 YEARS IN THE CONGRESS AND THE TIME
I HAVE SPENT IN THE WHITE HOUSE, I AM CONVINCED THAT THE
FOUND ING FATHERS PUT THE VETO POWER IN THE CONSTITUTION
AS A VITAL PART OF OUR SYSTEM OF CHECKS AND BALANCES.
- 21 -
RECENT HISTORY BEARS THIS OUT.
PRESIDENT TRUMAN
EXERCISED THE VETO 250 TIMES AND WAS OVERRIDDEN ONLY 12
TIMES. PRESIDENT EISENHOWER USED IT 181 TIMES.
HE WAS
OVERRIDDEN ONLY TWICE.
- 22 -
BUT AGAIN AND AGAIN THE RESULT OF THE INITIAL VETO WAS
TO BRING THE PRESIDENT AND THE CONGRESS TOGETHER TO ARRIVE
AT A REASONABLE MIDDLE-GROUND -- USUALLY A SOUNDER,
MORE RESPONSIBLE MEASURE THAN THE ORIGINAL ONE.
TO
PUT IT SIMPLY, A VETO OFTEN COMPELS COMPROMISE.
- - 22a -
I CAN PROMISE YOU, IF IT IS NECESSARY TO ASSURE
CONTINUED PROGRESS FOR THIS NATION ON A SOUND ECONOMIC
BASE, I WILL CONTINUE TO VETO LEGISLATION I CONSIDER UNSOUND
WE MUST CONTINUE THE MOMENTUM NOW UNDERWAY.
YOUR
PRESIDENT CAN NOT JOIN FORCES WITH THOSE WHO WOULD SPEND
AND SQUANDER AWAY THE INVESTMENTS IN THE FUTURE OF MILLIONS
OF AMERICA'S SMALL SAVERS -- INCLUDING YOUR POLICYHOLDERS.
- 23 -
THE DYNAMIC BURST OF PRODUCTIVITY WE CALL FREE
ENTERPRISE HAS FINANCED ENORMOUS SOCIAL AND ECONOMIC GAINS
NO ONE WOULD ARGUE THAT THE HUMAN AGENDA OF AMERICA IS
COMPLETE.
WE STILL HAVE MUCH TO DO.
BUT LET NO ONE
CONTEND THAT OUR FREE ENTERPRISE SYSTEM HAS FAILED US
IT HAS SUCCEEDED
-
BEYOND THE WILDEST DREAMS OF THOSE
WHO CAME BEFORE US.
- 24 -
OUR TASK TODAY 1 IS TO GET THAT MIGHTY ENGINE
OF FREE ENTERPRISE RUNNING AT FULL THROTTLE AGAIN.
THE
QUICK SOLUTION
t
AND THE WRONG ONE
WOULD BE TO
LOAD A LOT OF NEW SPENDING MEASURES ONTO THE TAXPAYER
AND UNLEASH A FLOOD OF DEFICIT DOLLARS INTO THE NATION'S
ECONOMIC MAINSTREAM.
- 25 -
THAT MIGHT MAKE THE ECONOMY LEAP UP AND SHOUT
HALLELUJAH TODAY
BUT THE RECOVERY WOULD BE SHORT-LIVED
SOON,
THE PATIENT WOULD BE FLAT ON HIS BACK, WORSE OFF
THAN EVER.
- - 26 -
I WILL NOT BE A PARTY TO SUCH IRRESPONSIBLE ACTION
FROM HALLELUJAH TO HEARTBREAK IN ONE QUICK SURGE IS NOT
THE RESPONSIBLE WAY TO MAKE OUR ECONOMY HEALTHY.
- 27 -
OUR TASK MUST BE TO SMOOTH OUT THE PEAKS AND
VALLEYS IN OUR ECONOMIC PERFORMANCE.
THAT TAKES
WISDOM,
RESTRAINT AND DISCIPLINE.
IT TAKES AN
UNDERSTANDING OF WHAT WILL WORK,
AND WHAT WILL NOT WORK,
FOR THE LONG PULL.
- 28 -
MOST OF ALL, IT TAKES AN APPRECIATION OF THE
FACT THAT GOVERNMENT HAS A LIMITED CAPACITY TO HELP OUR
ECONOMY
BUT AN ALMOST UNLIMITED CAPACITY TO HARM IT.
- 29 -
I HAVE GREAT FAITH IN THE ABILITY OF THE AMERICAN
PEOPLE TO PERCEIVE WHAT IS IN THEIR LONG-RANGE BEST
INTEREST
THEN TO ACT ON THAT PERCEPTION.
THAT IS
THE GAMBLE
\
AND PROMISE
I
OF DEMOCRACY.
IT PLACES
ITS FAITH ON THE INCREASING UNDERSTANDING OF PEOPLE.
- 30 - -
DEMOCRACY DOES NOT ASK THAT PEOPLE AGREE.
IT DOES ASK THAT THEY THINK.
- 31 -
IT IS HERE
NOT ON CAPITOL HILL,
NOT IN THE
WHITE HOUSE
THAT THE ESSENTIAL PROCESS OF DEMOCRACY
TAKES PLACE.
THE REAL SOURCE OF POWER UNDER OUR
SYSTEM OF GOVERNMENT IS YOU.
- 32 -
AS PRESIDENT,
I AM BUT THE INSTRUMENT OF THAT
POWER.
WHEN WE MEET LIKE THIS,
A CHEMISTRY TAKES PLACE
I GIVE TO YOU MY SENSE OF WHERE WE STAND AND WHERE WE
MUST GO.
YOU GIVE TO ME THE POWER OF YOUR REASON AND
THE STRENGTH OF YOUR UNDERSTANDING.
- 33 -
OURS IS A GOVERNMENT BY CONSENT,
NOT COMMAND
WE WOULD HAVE IT NO OTHER WAY.
THAT'S WHY I NEED YOU --
YOUR WISDOM
YOUR STRENGTH
YOUR SUPPORT.
- 34 -
WITHOUT THAT,
\
I
CAN DO NOTHING.
TOGETHER,
WE CAN MOVE MOUNTAINS.
PRESIDENT THEODORE ROOSEVELT SAID IT WITH
ELOQUENCE AND WITH BREVITY.
HE SAID,
"THE GOVERNMENT
IS US;
WE ARE THE GOVERNMENT,
YOU AND I."
I'M READY.
ARE YOU?
THANK YOU VERY MUCH.
END OF TEXT