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By 1975 the metropolitan areas of the United States will occupy twice the territory they do today. The roster of urban problems with which they must cope is staggering. They involve water supply, cleaning the air, adjusting local tax systems, providing for essential educational, cultural, and social services, and destroying those conditions which breed delinquency and crime.
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.
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.
World economy in 1975 includes three essential elements: the planet earth and its resources; the institutional structure of modern society; and human beings with their diverse concepts and skills which provide its motive force.
Further, I will not hesitate to veto any new spending programs adopted by the Congress. As an additional step toward putting the Federal Government's house in order, I recommend a 5-percent limit on Federal pay increases in 1975.
At my request, the Congress enacted two extensions and two expansions in unemployment insurance which helped those who were jobless during 1975. These programs will continue in 1976. In my fiscal year 1977 budget, I am also requesting funds to continue proven job training and employment opportunity programs for millions of other Americans.
Within the strict budget total that I will recommend for the coming year, I will ask for additional housing assistance for 500,000 families. These programs will expand housing opportunities, spur construction, and help to house moderate- and low-income families. We had a disappointing year in the housing industry in 1975.
The national debt will rise to over $500 billion. Our plant capacity and productivity are not increasing fast enough. We depend on others for essential energy. Some people question their Government's ability to make hard decisions and stick with them; they expect Washington politics as usual. Yet, what President Truman said on January 5, 1949, is even more true in 1975.
In 1975, I am glad to report, Federal agents seized substantially more heroin coming into our country than in 1974. As President, I have talked personally with the leaders of Mexico, Colombia, and Turkey to urge greater efforts by their Governments to control effectively the production and shipment of hard drugs.
In February, 1974 in his State of the Union message to the U.S. Congress, President Nixon spoke of "our goal of building a structure of lasting peace in the world." At the same moment the Washington administration was feeding the fires of war in South East Asia and asking the United States Congress to increase 1975 U.S.A. defense appropriations from $80 billion to $90 billion per year.
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