Our people is at work now than at any other time in our history. Last year 3 million new jobs were created. Today our Nation is using its industrial capacity more fully
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Increased by nearly a full percentage point over the prior year, and inġ978 the Nation's output of goods and services advanced by a healthyĤ J4 percent. Growth and speed the return to a high-employment economy. Of government and the private sector can lay a new foundation for a durable prosperity.Īmong my first actions in office were steps to strengthen economic Steadfast pursuit of fiscal and monetary disciplineĪnd limits on the inflationary impacts of other government actions areĬrucial to the success of the anti-inflation program. Its own actions will contribute to, not undermine, the voluntary effort The pay and price standards ask every American to exercise restraint.Įvery American should therefore expect the government to ensure that People, and I will make every effort to enlist the broadest possible cooperation with it in the year to come. This program has received substantial support from the American Price-wage spiral that has beset our economy for more than a decade. Nation a program of price and pay standards designed to brake the I will continue to seek the cooperation and support of the American Wage insurance program and my proposals for hospital cost containment In order toįurther the fight against inflation, I will seek prompt adoption of my real Programs, and I have supported such programs strongly.
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But the budget must continue and strengthen our most essential Make sure that a fiscal policy of firm and measured restraint is maintained. The budget for 1980 must be very tight, and I intend to That the policies adopted by this government are consistent with theseįour precepts. In the months ahead, I will work closely with the Congress to ensure Join with other countries to promote an open and growing world We will continue to pursue domestic policies and undertake other actions as necessary and appropriate to foster a strong and stable dollar, and we will Very important part of a closely related world economy. We will not loseįourth, our policies must reflect the fact that the United States is a Ours is aĬompassionate Nation, dedicated to a sense of fairness. Third, we will not reduce inflation at the expense of the most vulnerable members of our society-the poor, the elderly, and those who haveĭifficulty finding jobs even in a high-employment economy. Programs, make the best use of the resources at its disposal and seekīetter, less costly means to achieve our national objectives. Than ever that our government, in both its budgetary and regulatory In such a climate, waste, inefficiency, or misplaced priorities are particularly intolerable.
Productivity growth at a low ebb, living standards will not rise as fast as Require budgetary austerity and moderation of economic growth. Second, government must do its job better. We must act forcefully and effectively to combat inflation, and we must persist until the battle is won.
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InflationĮndangers the gains in employment and income that we have made during the past 2 years. It is based on four principles.įirst, reducing inflation must be our top economic priority. My economic and budgetary program deals forthrightly with the economic realities we face today. Has been made more complex by the acceleration of inflation last yearĪnd the declining growth of productivity that was partly responsible for That task calls for restraint and careful choices. Under the best circumstances, designing economic policies to carry out The task now confronting us is to manage an economy operating atĬlose to its capacity-to sustain prosperity and extend its benefits more Family incomes, after adjustment for inflation, have risen handsomely and so have business profits. Today 7 million more Americans are at work, and factories across theĬountry have regained high levels of output. Unemployment was widespread, and a substantial part of our industrial capacity stood idle. Recover from the deep recession of 1974-75. Two years ago when I took office our economy was still struggling to *For a detailed table of contents of the Council's Report, see page 27. STATISTICAL TABLES RELATING TO INCOME, EMPLOYMENT, AND PRODUCTION REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THEĪPPENDIX B. T H E WORLD ECONOMY-MANAGING INTERDEPENDENCE. The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.įor sale by the Superintendent of Documents, U.S.