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The size of these numbers and their implications for our everyday life and the health of our economic system are shocking. I submitted to the last Congress a list of budget deferrals and rescissions. There will be more cuts recommended in the budget that I will submit. Even so, the level of outlays for fiscal year 1976 is still much, much too high.
Meanwhile, I read a lot and spent time with friends, some of whom also enjoyed hiking and bicycling. In the summer of 1976, when I was sixteen, I bicycled from the White Mountains of New Hampshire to Boston with people from an outing club. One morning, as I watched my traveling companions prepare their daily dose of hallucinogens, I realized that I wanted to be part of their fellowship.
I now propose that effective July 1, 1976, we give our taxpayers a tax cut of approximately $10 billion more than Congress agreed to in December. My broader tax reduction would mean that for a family of four making $15,000 a year, there will be $227 more in take-home pay annually. Hardworking Americans caught in the middle can really use that kind of extra cash.
If we follow prudent policies that encourage productive investment and discourage destructive inflation, we will come out on top, and I am sure we will. We have successfully cut inflation by more than half. During 1976 the rate of inflation was 5 percent. We have created more jobs over 4 million more jobs today than in the spring of 1975.
The recurrent rescues of Mexico following its systemic crises in 1976, 1982, 1988, and 1994 are textbook examples of moral hazard. The Cato Institute called them, in a 1995 Policy Analysis paper, "palliatives" which create "perverse incentives" with regards to what it considers to be misguided Mexican public policies such as refusing to float the peso.
During the last four years we have given top priority to meeting the needs of workers and providing additional job opportunities to those who seek work. Since the end of 1976: Almost 9 million new jobs have been added to the nation's economy total employment has reached 97 million. More jobs than ever before are held by women, minorities and young people.
If we don't act to slow down the rate of increase in Federal spending, the United States Treasury will be legally obligated to spend more than $360 billion in fiscal year 1976, even if no new programs are enacted. These are not matters of conjecture or prediction, but again, a matter of simple arithmetic.
Much more restrictive than the previous one, the current legislation became effective after the promulgation of amendments to the 1976 Copyright Act, dated October 27th, 1998. As explained by Michael Hart in July 1999: "Nothing will expire for another 20 years. We used to have to wait 75 years. Now it is 95 years.
Most people know by now that SV1DH was one of the principal stations involved in the very successful Transequatorial propagation tests which took place during the 21st sunspot cycle between 1977 and 1983. In October 1976 there was a rumour that 145 MHz signals had been heard directly between Argentina and Venezuela.
Business and labor have been increasingly supportive. It's imperative that we in government do our part. We must stop excessive government growth, and we must control government spending habits. I've sent to this Congress a stringent but a fair budget, one that, since I ran for President in 1976, will have cut the Federal deficit in half.
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