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From @lex-luthor.ai.mit.edu:jcma@REAGAN.AI.MIT.EDU Sat Jun 5 22:26:51 1993
Date: Sat, 5 Jun 1993 20:21-0400
From: The White House <75300.3115@compuserve.com>
To: Clinton-Speeches-Distribution@campaign92.org,
Subject: Remarks by The President in Radio Address 6.5.93
THE WHITE HOUSE
Office of the Press Secretary
______________________________________________________________
For Immediate Release June 5, 1993
REMARKS BY THE PRESIDENT IN RADIO ADDRESS TO THE NATION
Oval Office
10:06 A.M. EDT
THE PRESIDENT: Good morning. On February the 17th, I presented
to our country a national economic strategy to create jobs and increase
incomes through investments in our future and bringing our government's
deficit down. This plan is tough, and it requires real contributions
from everyone. It was written to improve our economy long-term, but I
believe back in February, just as I did in the campaign of 1992, that
this plan could produce positive short-term results, and it already
has.
Once it became clear that we would take responsibility for
bringing our deficit down, interest rates started coming down. Analysts
say that if we can keep these interest rates down for a year, we'll put
over $100 billion back into this economy. How? Because people will
refinance their home loans or their business loans. Many of you
listening to this program have already done that and have saved a great
deal of money. Think what an extra $100 billion can do, through lower
interest rates on consumer loans, car loans, college loans, home loans,
and business loans. It means more jobs for ordinary Americans, higher
business profits, better consumer confidence, and more consumer
spending. All that will grow the economy. It's already beginning to
work.
Just yesterday, unemployment fell below 7 percent for the first
time in a year and a half. In just the last four months, the economy
has added 755,000 new jobs. And last month, as mortgage rates hit a 20
year low, new home sales reached a seven year high. That, too, means
more jobs for ordinary Americans, and more Americans realizing the
dream of home ownership, building stronger neighborhoods and stronger
communities and making America a better place to live. We're moving on
the right track. If we get our priorities right and our government
house in order, more people will be able to order houses for
themselves. If we drive interest rates down, jobs and investment will
keep going up.
Now the U.S. House of Representatives has acted courageously and
decisively to approve our economic growth plan, and it's time for the
Senate to do the right thing as well.
In the plan before the Senate, we cut the deficit $500 billion
over the next five years -- the largest reduction program ever proposed
by a President. The plan is balanced and fair. About half the deficit
reduction comes from spending cuts and restraints in federal
entitlement programs and health care programs, and about half of it
comes from new revenues.
Included in the $250 billion of spending cuts are reductions in
more than 200 specific programs. We also raised some taxes. But this
time, unlike the last 12 years, we're doing it in a fair way.
Seventy-five percent of the new money comes from people with incomes
above $100,000 -- people who can better afford it, and whose tax rates
went down in the 1980s. Middle class Americans are asked to make a
contribution in the form of an energy tax. For families of four with
incomes of $40,000 a year or more, that amounts to about $1 a month in
1994, $7 a month in 1995, and no more than $17 a month when the plan is
fully in place in 1996 and thereafter.
For working families with incomes under $30,000, the income tax
system has been changed so that the burden will be virtually
nonexistent. And for the working poor -- people who are working 40
hours a week or less -- we put in place the first big block of our
welfare reform program. Because if this plan passes, people who work
40 hours a week and have children in their homes will be lifted above
the poverty line for the first time in American history.
Now, no one wants to pay any additional taxes or see anybody
else pay taxes. And we're working hard to minimize the tax increases
and maximize the spending cuts.
But let me remind you, my fellow Americans, all the people who
are out here calling this a tax and spend program are the same people
who, for the last 12 years, have lowered taxes on the rich, raised
taxes on the middle class, taken the national debt from $1 trillion to
$4 trillion, and reduced our investment in our future so that jobs went
down and incomes did too. My plan is working to take us in the reverse
direction. It does require tough choices. You've had all the easy
choices for 12 years and the hidden taxes. We have given you some very
simple and open truths. We've got to be tough enough to bring down the
deficit, but we have to be smart enough to keep investing in our people
and our technologies to have a growing modern economy.
Next week, the Senate will begin considering this plan for
deficit reduction and economic growth. There are principles the Senate
should honor when it considers our plan, the things I believe we must
have. Number one, we have to cut this deficit by at least $500 billion
over the next five years. Number two, there could be no increases in
taxes before there are real cuts in spending, and all the savings should
be locked up in a trust fund for the five-year life of the plan.
Number three, because of what's happened over the last twelve years,
those who are successful enough to be able to pay more should pay more
and we must minimize the burden on the middle class and the working
poor. Number four, we have to preserve these incentives to reform the
welfare system and to encourage people who are working, so that more
people will move from welfare to work. And, number five, when we cut
spending, we still have to leave some investment resources for education
and training, for new technologies, for converting from a defense to a
domestic economy, and for incentives for businesses and private
individuals to invest in communities that are distressed and to create
new jobs and new enterprises. These are the steps we must take to
rebuild our economy. We can do it.
Although the changes I am asking Congress to approve are
difficult, especially after more than a decade of everybody being told
exactly what they want to hear while things get worse and worse and
worse, these changes have to be made. Our living standards are at stake
and we must rise to the occasion. That is, after all, the promise of
America -- a community at it's best provides a growing measure of
prosperity for everyone who works hard and plays by the rules. But our
challenge is to fulfill that promise by ensuring that as we expand
opportunity and growth, everyone has a shot to earn their share.
In my lifetime, no one has addressed that challenge with greater
courage or constancy than the late Senator Robert Kennedy. On Sunday, 25
years after his death, I will be joining his family, their supporters
and friends in celebrating his short but exceptional life as one of the
most candid and unifying public servants our country has every known.
At a time when so many citizens feel disconnected from their
political leaders, Senator Kennedy had an uncommon feel for what people
experienced in their daily lives. He fought to expand economic
opportunity, to remind citizens that our rights are accompanied by
responsibilities. He sought to close the gap between working class
whites and African-Americans when others tried for political advantage
to keep them apart.
Most of all, Robert Kennedy reminded us that whatever our
differences with our leaders are and our differences with our policies,
we can and should all love our country. And that is why, even as we
remember his life and mourn his loss, we must celebrate his spirit,
because his example is what we should be following today.
I will keep fighting for a society filled with opportunity for
every American, free of discrimination, full of the hopes and dreams
that Bobby Kennedy fought for. Realizing these dreams would be the
greatest tribute we could offer him and the greatest gift we could give
to our children.
Thanks for listening.
END10:15 A.M. EDT