Presidents -- United States -- Messages; United States -- Politics and government -- Sources
"Throughout the world," he said, "change is the order of the day. In every
nation economic problems long in the making have brought crises to (of)
many kinds for which the masters of old practice and theory were
unprepared." He also reminded us that "the future lies with those wise
political leaders who realize that the great public is interested more in
Government than in politics."
So, let us, in these next 2 years--men and women of both parties, every
political shade--concentrate on the long-range, bipartisan responsibilities
of government, not the short-range or short-term temptations of partisan
politics.
The problems we inherited were far worse than most inside and out of
government had expected; the recession was deeper than most inside and out
of government had predicted. Curing those problems has taken more time and
a higher toll than any of us wanted. Unemployment is far too high.
Projected Federal spending--if government refuses to tighten its own
belt--will also be far too high and could weaken and shorten the economic
recovery now underway.
This recovery will bring with it a revival of economic confidence and
spending for consumer items and capital goods--the stimulus we need to
restart our stalled economic engines. The American people have already
stepped up their rate of saving, assuring that the funds needed to
modernize our factories and improve our technology will once again flow to
business and industry.
The inflationary expectations that led to a 21 1/2-percent interest prime
rate and soaring mortgage rates 2 years ago are now reduced by almost half.
Leaders have started to realize that double-digit inflation is no longer a
way of life. I misspoke there. I should have said "lenders."
So, interest rates have tumbled, paving the way for recovery in vital
industries like housing and autos.
The early evidence of that recovery has started coming in. Housing starts
for the fourth quarter of 1982 were up 45 percent from a year ago, and
housing permits, a sure indicator of future growth, were up a whopping 60
percent.
We're witnessing an upsurge of productivity and impressive evidence that
American industry will once again become competitive in markets at home and
abroad, ensuring more jobs and better incomes for the Nation's work force.
But our confidence must also be tempered by realism and patience. Quick
fixes and artificial stimulants repeatedly applied over decades are what
brought us the inflationary disorders that we've now paid such a heavy
price to cure.
The permanent recovery in employment, production, and investment we seek
won't come in a sharp, short spurt. It'll build carefully and steadily in
the months and years ahead. In the meantime, the challenge of government is
to identify the things that we can do now to ease the massive economic
transition for the American people.
Public-domain text, read in full here on John Shaqi.
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