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Updated: June 13, 2025
It is a virtuous cycle in which innovation generates the very tools that facilitate further innovation. The eminent American economist Robert Merton quoted in Sigma 3/2001 described in the Winter 1992 issue of the "Journal of Applied Corporate Finance" the various phases of the market-buttressed spiral of financial innovation thus: "1.
State of the Union Address George H.W. Bush January 28, 1992 Mr. Speaker, Mr. President, distinguished members of Congress, honored guests and fellow citizens: I mean to speak tonight of big things, of big changes and the promises they hold and of some big problems and how together we can solve them and move our country forward as the undisputed leader of the age.
For the 12 years of trickle down economics we built a false prosperity on a hollow base as our national debt quadrupled. From 1989 to 1992 we experienced the slowest growth in a half century. For too many families, even when both parents were working, the American dream has been slipping away. In 1992 the American people demanded that we change.
Speaker, members of the 104th Congress, my fellow Americans: Again we are here in the sanctuary of democracy. And once again, our democracy has spoken. So let me begin by congratulating all of you here in the 104th Congress, and congratulating you, Mr. Speaker. If we agree on nothing else tonight, we must agree that the American people certainly voted for change in 1992 and in 1994.
With nearly 18 million new jobs, wages rising at more than twice the rate of inflation, the highest homeownership in history, the smallest welfare roles in 30 years, and the lowest peacetime unemployment since 1957. For the first time in three decades, the budget is balanced. From a deficit of $290 billion in 1992, we had a surplus of $70 billion last year.
This process was immeasurably strengthened in 1992 through the long-awaited publication of a fully-annotated translation into English of the Kitáb-i-Aqdas, a repository of Divine guidance for the age of humanity’s collective maturity.
We have helped parents to succeed at work and at home with family leave, which 20 million Americans have used to care for a newborn child or a sick loved one. We have engaged 150,000 young Americans in citizen service through AmeriCorps while also helping them earn their way through college. In 1992, we had a roadmap. Today, we have results.
Ten years later, he confirms that his answer would still be the same. Project Gutenberg was born. 1974-88: He keyed in parts of the Bible and several works of Shakespeare. 1991: Digitization of one book per month. 1992: Digitization of two books per month. 1993: Digitization of four books per month.
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