💵 Program for Economic Recovery — 5th Press Briefing Pt 1 — Ronald Reagan 1981 * PITD

Economic Recovery Program & Federal Spending — 5th Press Briefing Pt 1 — #RonaldReagan 1981 * #PITD
November 10, 1981 Excerpt
Ladies and gentlemen, I have an opening statement.
From the day our administration took office, our top priority has been to rescue this economy from years of government mismanagement. We inherited the highest rates since the Civil War, the first back-to-back years of double-digit inflation since World War I, rising budget deficits, and a national debt ready to break through the trillion dollar barrier.
For years, government spending and taxation have grown faster than the underlying economy. The American people elected us to reverse that trend, and that's what we've begun to do. Our program has only been in effect for some 40 days, and you can't cure 40 years of problems in that short time. But we've laid a firm foundation for economic recovery in 1982.
We said we would cut taxes, and we've enacted the biggest tax reductions in history. And let's remember, those reductions will barely offset the built-in tax increases, already scheduled between now and 1984, that were adopted in 1977. We've slowed the growth of Federal spending. We've cut the growth of regulations by a third. Interest rates and inflation are both heading down.
Our reforms can stimulate new savings, new investments, new jobs, and a new America. But one condition must still be met. This government must stiffen its spine and not throw in the towel on our fight to get Federal spending under control.
The budget savings, despite all the talk of austerity, have been accomplished without sacrificing necessary government functions and services. Even with a $35 billion cut so far, Federal spending is still rising far too rapidly. The Federal budget has doubled since 1975, tripled since 1970. Who can honestly look Americans in the eye and tell them spending is under control?
Fiscal '82 is already 5 weeks old, but I have not received a single, regular appropriations bill. Most of the bills pending are over budget. It is imperative that the Congress meet its own spending target and move quickly to pass appropriation bills or a second continuing resolution that fits our September 24th request. I stand ready to veto any bill that abuses the limited resources of the taxpayers.
It's ironic that those who would have us assume blame for this economic mess are the ones who created it. They just can't accept that their discredited policies of tax and tax, spend and spend are at the root of our current problems.
We will not go back to business as usual. Our plan for economic recovery is sound. It was designed to correct the problems we face. I am determined to stick with it and stay on course, and I will not be deterred by temporary economic changes or short-term political expediency.

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