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Updated: May 23, 2025
Third, the 8 percent tax credit for investment in machinery and equipment, which, combined with planned revisions of depreciation allowances, will spur our modernization, our growth, and our ability to compete abroad. Moreover pleasant as it may be to bask in the warmth of recovery let us not forget that we have suffered three recessions in the last 7 years.
You can all be proud of that, because turning a sea of red ink into black is no miracle. It is the product of hard work by the American people, and of two visionary actions in Congress: The courageous vote in 1993 that led to a cut in the deficit of 90 percent and the truly historic bipartisan balanced budget agreement passed by this Congress.
One simple comparison of figures was enough to reveal the extraordinary change: the rate of mortality among the cases treated had fallen from forty-two percent to twenty-two per 1,000. But still, the indefatigable lady was not satisfied. The main problem had been solved the physical needs of the men had been provided for; their mental and spiritual needs remained.
The greater part of Russians and Ukrainians reported that "there have been times in the past year when they had too little money to afford food", medical care, or clothing. So did half the Bulgarians, one third of the Poles and one sixth of Slovaks. Ninety-two percent of the Bulgarians interviewed identified economic problems as having the most effect on their lives.
In terms of percentages we may find the cost-of-living index for food increased by more than 8 percent, which in turn would result in more than a 3-percent increase in the cost of living. If prices of food were allowed to increase by these amounts, I must make it clear to the Congress that, in my opinion, it would become extremely difficult for us to control the forces of inflation.
Drawing the comparison between this year and two years ago, there is an advance of "fifteen percent in employees and fifty-one percent in wages;" and an increase of "thirty percent in employees and eighty-seven percent in wages," if this year is compared with the conditions when the world was suffering from industrial depression.
"Don Calixto is astonished that when he has done the Castrians the honour to make them loans at eighty or ninety percent, they are not fond of him. After the garden we saw the house; I won't tell you anything about it, I don't want you to accuse me again of being a Ruskinian. "When we reached the dining-room Don Calixto said: 'I am going to present you to my family.
The award allowed an increase in wages of seven percent, or less than one-half of that demanded, but disallowed a plea made by the men for uniformity of the wage scales East and West, and denied the demanded time and a half for overtime. The men accepted but the decision added to their growing opposition to the principle of arbitration.
Of the major energy proposals I submitted 2 years ago, only half, belatedly, became law. In 1973 we were dependent upon foreign oil imports for 36 percent of our needs. Today, we are 40-percent dependent, and we'll pay out $34 billion for foreign oil this year. Such vulnerability at present or in the future is intolerable and must be ended.
Today a working family earning $25,000 has $1,100 more in purchasing power than if tax and inflation rates were still at the 1980 levels. Real after-tax income increased 5 percent last year. And economic deregulation of key industries like transportation has offered more chances or choices, I should say, to consumers and new changes or chances for entrepreneurs and protecting safety.
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