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That neither physician nor midwife may take it for dropsy, let them observe the signs of the woman with the child laid down in a former part of this work; and if any sign be wanting, they may suspect it to be an inflation; of which it is a further sign, that in conception the swelling is invariable; also if you strike upon the belly, in an inflation, there will be noise, but not so in case there be a conception.
For all these reasons her position is grave, and her excess of imports as serious a symptom as in the case of France. The existing inflation and the maladjustment of international trade are aggravated, both in France and in Italy, by the unfortunate budgetary position of the Governments of these countries. In France the failure to impose taxation is notorious.
As 1983 began, the system stood on the brink of bankruptcy, a double victim of our economic ills. First, a decade of rampant inflation drained its reserves as we tried to protect beneficiaries from the spiraling cost of living.
Although several of these kings made pilgrimages to Mecca, the most spectacular was the one by Mansa Musa in 1324. On his way there, he made a prolonged visit to Cairo. While there, both his generosity in giving lavish gifts of gold to its citizens and his extravagant spending poured so much gold into the Cairo market that it caused a general inflation.
I know that they will lose all their majesty and glory, if they betray any inflation. Whilst we may not be dissatisfied with the progress made so far, we have little to our credit to make us feel proud. We have to sacrifice much more than we have done to justify pride, much less elation.
Our economic program has helped to produce the lowest core inflation rate and the lowest interest rates in 20 years, and because those interest rates are down, business investment and equipment is growing at seven times the rate of the previous four years. Auto sales are way up, home sales at a record high.
An ascent carried out later in the same summer led to a mishap, which taught the young aeronaut an all-important lesson. Using the same balloon and the same mode of inflation, he got safely and satisfactorily away from his station in the town of Lebanon, Pa., and soon found himself over a toll gate in the open country, where the gate keeper in banter called up to him for his due.
These other steps include measures to increase investment such as the tax proposals included in my 1982 budget and measures to increase competition and productivity in our economy. Voluntary incomes policies can also directly influence wages and prices in the direction of moderation and thereby bring inflation down faster and at lower cost to the economy.
When the present danger of inflation has passed we should consider tax reduction based upon a revision of our entire tax structure. When we have conquered inflation, we shall be in a position to move forward toward our chosen goals. As we do so, let us keep ever before us our high purposes.
It is urged by many thoughtful citizens that the peculiar economic effect of the income tax on so-called capital gains at the present rate is to enhance speculative inflation and likewise impede business recovery. I believe this to be the case and I recommend that a study be made of the economic effects of this tax and of its relation to the general structure of our income tax law.
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