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While emphasizing the need for continued fiscal restraint, this budget takes the first major step in a long-term tax reduction program designed to increase capital formation. The failure of our Nation's capital stock to grow at a rate that keeps pace with its labor force has clearly been one cause of our productivity slowdown.
An International Finance Discussion Paper released by the Fed in December 2000 found, as "The Economist" put it, that "deficits usually began to reverse when they exceeded 5% of GDP. And this adjustment was accompanied by an average fall in the nominal exchange rate of 40%, along with a sharp slowdown in GDP growth." Never before has the current account deficit continued to expand in a recession.
For hours the reports kept coming in, all in identically the same vein: rapid progress followed by a slowdown, then either engine trouble or a failure to keep rendezvous by another tank, all messages concluding alike: "Now leaving transmitter." It was no use for field headquarters frantically to order them to stay in their tanks no matter what happened.
By the end of slavery, however, a spirit of individuality had been growing within the Negro consciousness. The opportunity for industrial employment in the North which had resulted from war and from the slowdown in European immigration along with the increase of racism and segregation in the South combined to open the way for the development of the growing spirit of determination.
The laziness, stealing, lying, and faked illnesses, which were usually attributed to the slave's childlike behavior, may have been deliberate ways of opposing the system. Masters complained that many of their slaves were chronic shirkers. When slaves dragged their feet while working, it was seen as evidence of their inferiority. When white union workers behave similarly, it is labeled a slowdown.
While emphasizing the need for continued fiscal restraint, this budget takes the first major step in a long-term tax reduction program designed to increase capital formation. The failure of our Nation's capital stock to grow at a rate that keeps pace with its labor force has clearly been one cause of our productivity slowdown.
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