Presidents -- United States -- Messages; United States -- Politics and government -- Sources
We're realists; we solve our problems instead of ignoring them, no matter
how loud the chorus of despair around us. But we're also idealists, for it
was an ideal that brought our ancestors to these shores from every corner
of the world.
Right now we need both realism and idealism. Millions of our neighbors are
without work. It is up to us to see they aren't without hope. This is a
task for all of us. And may I say, Americans have rallied to this cause,
proving once again that we are the most generous people on Earth.
We who are in government must take the lead in restoring the economy. And
here all that time, I thought you were reading the paper.
The single thing--the single thing that can start the wheels of industry
turning again is further reduction of interest rates. Just another 1 or 2
points can mean tens of thousands of jobs.
Right now, with inflation as low as it is, 3.9 percent, there is room for
interest rates to come down. Only fear prevents their reduction. A lender,
as we know, must charge an interest rate that recovers the depreciated
value of the dollars loaned. And that depreciation is, of course, the
amount of inflation. Today, interest rates are based on fear--fear that
government will resort to measures, as it has in the past, that will send
inflation zooming again.
We who serve here in this Capital must erase that fear by making it
absolutely clear that we will not stop fighting inflation; that, together,
we will do only those things that will lead to lasting economic growth.
Yes, the problems confronting us are large and forbidding. And, certainly,
no one can or should minimize the plight of millions of our friends and
neighbors who are living in the bleak emptiness of unemployment. But we
must and can give them good reason to be hopeful.
Back over the years, citizens like ourselves have gathered within these
walls when our nation was threatened; sometimes when its very existence was
at stake. Always with courage and common sense, they met the crises of
their time and lived to see a stronger, better, and more prosperous
country. The present situation is no worse and, in fact, is not as bad as
some of those they faced. Time and again, they proved that there is nothing
we Americans cannot achieve as free men and women.
Yes, we still have problems--plenty of them. But it's just plain
wrong--unjust to our country and unjust to our people--to let those
problems stand in the way of the most important truth of all: America is on
the mend.
Public-domain text, read in full here on John Shaqi.
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