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We reinvented government, transforming it into a catalyst for new ideas that stress both opportunity and responsibility, and give our people the tools to solve their own problems. With the smallest federal workforce in 40 years, we turned record deficits into record surpluses, and doubled our investment in education.
I can assure you, the bipartisan leadership of Congress, of my help in fighting off any attempt to bust our budget agreement. And this includes the swift and certain use of the veto power. Now, it's also time for some plain talk about the most immediate obstacle to controlling Federal deficits.
This amount, though its exaction pressed heavily on the very poor, afforded little relief; and to meet recurring deficits the only resource was borrowing. To extricate the national finances from ever-increasing difficulties the Amortisatie-Syndikaat was created in December, 1822.
In 1980: The findings of the Vice President's Task Force revealed the major education and employment deficits that exist for poor and minority youngsters. As a result a $2 billion youth education and jobs initiative was introduced to provide unemployed youth with the basic education and work experience they need to compete in the labor market of the 1980's.
You know, a few of us can remember when, not too many years ago, those who created the deficits said they would make us prosperous and not to worry about the debt, because we owe it to ourselves. Well, at last there is agreement that we can't spend ourselves rich. Our recent budget agreement, designed to reduce Federal deficits by $76 billion over the next 2 years, builds on this consensus.
An army of volunteers and novices is converted into a military establishment which becomes a state within the state, extending its control until it makes policy, selects top leaderships and carries on its internal feuds and wars of succession dividing the defense forces and using them for partisan purposes. Overhead costs rise; deficits in the public treasury grow; so does public debt.
The combined deficits of the years 1838 and 1839 amount to forty-seven million five hundred thousand francs. In 1840, the excess of expenses over receipts is expected to be twenty-two million five hundred thousand francs. Attention was called to these figures by Lord Ripon.
More important, we're making progress with the three keys to reducing deficits: economic growth, lower interest rates, and spending control. The policies we have in place will reduce the deficit steadily, surely, and in time, completely. Higher taxes would not mean lower deficits.
The forecast presented by the outgoing administration with the fiscal year 1954 budget indicates that before the end of the fiscal year and at the peak of demand for payments during the year the total Government debt may approach and even exceed that limit. Unless budgeted deficits are checked, the momentum of past programs will force an increase of the statutory debt limit.
I have, therefore, instituted systematic, voluntary measures of cooperation with the business institutions and with State and municipal authorities to make certain that fundamental businesses of the country shall continue as usual, that wages and therefore consuming power shall not be reduced, and that a special effort shall be made to expand construction work in order to assist in equalizing other deficits in employment.
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