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As such performances could not possibly pay, the audiences, besides putting down the price of admittance, had, as taxpayers, to make good the deficits. King Ludwig was supposed to do it; but where on earth was Ludwig's money to come from if not out of the taxpayers' pockets?
First, we must move quickly to complete the unfinished business of our country: to balance the budget, renew our democracy, and finish the job of welfare reform. Over the last four years we have brought new economic growth by investing in our people, expanding our exports, cutting our deficits, creating over 11 million new jobs, a four-year record.
These deficits are due to three well-ascertained causes: the Achin war, public works, and the fall in the price of sugar and coffee. In order to show that this remarkable change in the financial fortunes of Java is in no way due to the culture system, it is necessary to go somewhat more into detail.
He had settled it as the maxim of his life to gain fast and spend fast; and having had considerable opportunity to spend before he had any to gain, he had on becoming a business man, some secret deficits to make good before he could really be as rich as people supposed him.
He inherited debts from his predecessor. Indeed, the New Zealand Treasury may be said to have been cradled in deficits. In 1841 Hobson's expenditure had been £81,000 against a revenue of £37,000, most of which was the product of land sales. In 1842 the revenue was £50,000, of which only £11,000 came from land sales; and in 1843 this source of income fell to £1,600.
In the departments of government there is not less moral disorder. The finances are mismanaged and dilapidated. Notwithstanding the enormous and oppressive increase of taxation, together with the forcible appropriation of ecclesiastical property, deficits are the order of the day, and the nation has been, more than once, and probably is still, on the verge of bankruptcy.
Our immediate task is to chart a fiscal and economic policy that can: Reduce the planned deficits and then balance the budget, which means, among other things, reducing Federal expenditures to the safe minimum; Meet the huge costs of our defense; Properly handle the burden of our inheritance of debt and obligations; Check the menace of inflation;
And fourth, because we must ensure reduction and eventual elimination of deficits over the next several years, I will propose a standby tax, limited to no more than 1 percent of the gross national product, to start in fiscal 1986. It would last no more than 3 years, and it would start only if the Congress has first approved our spending freeze and budget control program.
The strength of our national defense must be restored so that we can pursue prosperity and peace and freedom while maintaining our commitment to the truly needy. And finally, it must be realistic. We can't rely on hope alone. With these guiding principles in mind, let me outline a four-part plan to increase economic growth and reduce deficits.
Interest rates have to be raised because the effects of one member's fiscal decisions are communicated to other members through the common currency. The currency is the medium of exchange of information regarding the present and future health of the economies involved. Hence the notorious "EU Stability Pact", recently so flagrantly abandoned in the face of German budget deficits.
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