United States or Saint Pierre and Miquelon ? Vote for the TOP Country of the Week !
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.
Let us generously help those who are not able to help themselves. But let us stop helping those who are able to help themselves but refuse to do so. The second great goal is to achieve what Americans have not enjoyed since 1957 full prosperity in peacetime. The tide of inflation has turned.
Central and east Europe became a giant lab in which to peruse policies pertaining to criminality, private property ownership, entrepreneurship, privatization, income distribution, employment, inflation and social welfare.
It is vain, however, to disguise the fact from ourselves that a speculative inflation of our currency without a corresponding inflation in other countries whose manufactures come into competition with our own must ever produce disastrous results to our domestic manufactures. No tariff short of absolute prohibition can prevent these evil consequences.
While the fiscal operations of the Government have been conducted with regularity and ease under this system, it has had a salutary effect in checking and preventing an undue inflation of the paper currency issued by the banks which exist under State charters.
Resort to deficit financing in prosperous times could easily erode international confidence in the dollar and contribute to inflation at home. In this belief, I shall submit a balanced budget for fiscal 1962 to the Congress next week. There has been a firm policy of reducing government competition with private enterprise.
None of us likes subsidies. Our farmers, in particular, have always been opposed to them. But I believe our farmers are as deeply conscious as any group in the land of the havoc which inflation can create. Certainly in the past eighteen months there has been no group which has fought any harder in support of the Government's price control program.
There will be no clearer test of the commitment of this Congress to the anti-inflation fight than the legislation that I will submit again this year to hold down inflation in hospital care. Over the next 5 years, my proposals will save Americans a total of $60 billion, of which $25 billion will be savings to the American taxpayer in the Federal budget itself.
This is one of the critical steps to be taken to bring an end to planned inflation. Our purpose is to manage the Government's finances so as to help and not hinder each family in balancing its own budget. Reduction of taxes will be justified only as we show we can succeed in bringing the budget under control.
Some of the members of that body, especially M. Bunge, who had been himself Minister of Finance, and who remembered the evil effects of the inordinate inflation of the currency on foreign exchanges during the Turkish War, advocated strongly the directly opposite course a return to gold monometallism, for which M. Vishnegradski, M. Witte's immediate predecessor, had made considerable preparations.
Word Of The Day