july 26, 1974 - speech, domestic council seminar, chicago, il · 2017-04-04 · remarks by vice...
TRANSCRIPT
The original documents are located in Box 135, folder “July 26, 1974 - Speech, Domestic Council Seminar, Chicago, IL” of the Gerald R. Ford Vice Presidential Papers at the
Gerald R. Ford Presidential Library.
Copyright Notice The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United States of America his copyrights in all of his unpublished writings in National Archives collections. Works prepared by U.S. Government employees as part of their official duties are in the public domain. The copyrights to materials written by other individuals or organizations are presumed to remain with them. If you think any of the information displayed in the PDF is subject to a valid copyright claim, please contact the Gerald R. Ford Presidential Library.
REMARKS BY VICE PRESIDENT GERALD R. FORD DOMESTIC COUNCIL SEMINAR
CHICAGO, ILLINOIS JULY 26, 1974
FOR RELEASE A1_10:00 AM, FRIDAY CDT
I am very pleased to participate in this very important and timely
White House conference on the economy.
Last night we heard the President address the first conference in this
series. He set forth a reasoned battle plan for subduing Public Enemy No. 1
inflation.
The President spoke at a time when he is the subject of proceedings in
Washington of which we are all aware. Reasonable men may differ on points at issue.
But reasonable men may also transcend the immediate controversy involving the
President to join in confronting inflation.
The fight against inflation must continue as if there were no impeachment
proceedings. Leaders of this Administration have a responsibility to govern --
especially in efforts to control inflation -- regardless of the seemingly endless
impeachment controversy. Until this matter is resolved one way or the other, it
is essential that we press the fight against inflation as vigorously as if no such
process were under way.
Just as at the meetings in California last night and here today,
Administration leaders must continue going among the people in response to
inflation -- to communicate, to wage an anti-inflationary campaign on all fronts,
and to provide real leadership.
We cannot afford to let the inflation enemy infiltrate while our
attention is diverted and we as Americans are fighting among ourselves.
I am sure that all the victims of inflation --- business and labor, employed
and unemployed, urban and rural, Democrats and Republicans --- can agree to rally
against any further erosion of the buying power of the American dollar. The eagle
on the dollar is screaming. We must unify in responding to that cry.
Let me tell you today what this Administration asks you to support. I
am ref erring specifically to the responsibilities of the Government in combatihg
inflation. Our first responsibility is to curb spending.
Digitized from Box 135 of the Gerald R. Ford Vice Presidential Papers at the Gerald R. Ford Presidential Library
Page 2
Government must provide leadership by example. It serves no purpose
to lecture the harrassed public, especially the low and middle income people who
have been the main losers from inflation.
Let Washington restrain spending, if others are to follow.
Let Washington show the way to increased production.
Let there be a real partnership of the people and the Government in
rallying to protect the dollar.
Washington cannot credibly ask others to show restraint unless Government
proves its own commitment by performance. Accordingly, I concur with the need to
veto "budget-busting" legislation. We will need political guts to say "no"
to programs that are marginally desirable but not essential. Such programs will
have to be deferred. We simply cannot afford optional luxuries while striving
to beat inflation.
The Federal Budget proposed for Fiscal Year 1975 calls for expenditures
of $305 billion. There are already indications that this total is being inflated
by actual or potential Congressional action to as much as $312 billion. As the
President asserted last night, we cannot tolerate this increase. It would feed the
already overheated fires of inflation.
We must prevent such budget overruns from taking place.
Actually we must also resolve to reduce expenditures below the
originally proposed $305 billion level. We cannot.do this without the active
support of the public, of the business community, of the labor organizations, and
of the Congress.
There has been much talk and speculation that a so-called veto-proof
Congress may be elected next November. As a Member of the Congress for a quarter
century, I am fully aware of the inflationary damage a veto-proof Congress could
inflict.
What we need in November is not a veto-proof Congress but an inflation
proof Congress. We need the check and balance of an effective Presidential veto
to control excessive spending.
We cannot afford to escalate inflationary pressures by electing a veto
proof Congress. I am speaking today of pocketbooks more than politics. This is
not a purely partisan matter. An inflation-proof Congress will require election
of Members of either party who will not spend us into greater inflation. I
naturally tend to believe that such candidates will be found more often on the
Republican ticket.
Page 3
If we are able to control expenditures we will be in a much better
position to propose and achieve a budget next year that will not only be in
balance but maybe even in surplus. Nothing could be more important in the war
against inflation than to achieve a surplus in next year's government operations.
The importance of reduced expenditures cannot be overestimated. Reduced
expenditures mean reduced government borrowing, reduced interest rates, and help
for the Federal Reserve in its efforts to slow the inflationary expansion of money
and credit.
These are the essentials. Without progress on these essentials, victory
in the fight against inflation is beyond our grasp. Even as we persevere on
this course we must explore other actions to help relieve inequities.
Certain industries such as the public utilities, housing, financial
institutions, and others have been especially hard hit. There are remedial
suggestions that may have merit and deserve intensive study.
Some suffer more than others in the war against inflation. Certain
groups --- older Americans, the unemployed, persons on fixed income, may require
special help within budgetary limits.
I have addressed myself briefly to a tough problem requiring tough
actions. Let us never forget that we are blessed as a nation with the most
productive economy the world has ever know. We have the courage, the ability,
and the resources. Let us return to fundamentals. And we will show the Free World
the way to end inflation.
If If fl If ff
REMARKS' TICE PRESIDENT GERAID R. FORD
D~Es ,1 c Co0Nc.rL S'L lt A/~ C /JI c /kf-o t' I LL I J./0 / S
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I am very pleased to participate in this very irrportant and tinely White ~ House conference on the econany.
Last night we heard the President address the first conference in this
series. He set forth a reasoned battle plan for subduing Public Enaey
No. 1 --- inflation •
a n anaMd£££2$wirit A
The President spoke at tilre when he isl e the subject of A
proceedings in Washington of which we are all aware • Reasonable IIE1l
J' may differ on points ~ issue • But reasonable IIE1l may also transcend
the innediate controversy involving the President to join in confronting
inflation •
'Ihe fight against inflation must continue as if there were no irrpeachlrent
proceedings. Leaders of this Administration have a responsibility .-t;s. govenrlllaJ --- especially in efforts to control inflation --regardless of 711 c
C..ON T°l'l.O li'£RS'}I: seemingly endless impeachrcent • Until this matter is resolved
one way or the other , it is essential that we press ti[; fight against
inflation as vigorously as if no such process were under way •
•••••••••• .};t as at the ~ California last
night and here today , Administration leaders must continue going anong the
people in response to inflation.,-to ccmmmicate , to wage an anti-inflationary
canpaign on all fronts , and to provide real leadership •
We cannot afford to let the nz § ¥ inflation enaey infiltrate
while ~ our attention is diverted and '~~g anong ourselves •
I am sure that all the victims of inflation --- business and labor ,
E!lployed and unenployed , urban and rural , Derrocrats and Republicans --- can agree
..
;
- 2 -
to rally against any further erosion of the buying pc:Mer of the American
dollar The eagle on the dollar is screaming • ~ rmJSt unify in
resporxling to that cr:y •
I.et ne tell you today what this Administration asks you to support •
I am referring specifically to the responsibilities of the Govermrent in
canbatting inflation • OUr first responsibility is to curb sperrling •
Govermrent nust provide leadership by exanple • It serves no purpose
to lecture the harrassed public, especially the lOW' and middle incare people who have been
the main losers fran :inflation •
I.et Washington restrain spending, if others are to follow •
I.et washington show the way to increased production •
I.et there be a real partnership of the people and the c/ament
in rallying to protect the dollar •
washington cannot credibly ask others to show restraint unless Goverrment
proves its CMn canni:tmant by perfonnance • Accordingly, I concur with the need
to veto "blrlge~~ legislation. We will need pcblitical guts to say "no"
to programs tha~~inally desirabl¥ but not essential • Such programs will
have to be deferred. We sinply cannot afford optiona1- luxuries while striving
to beat inflation •
~proposed for Fiscal Year 1975 calls for expenditures of
$305 billion • There are already indications that this total is being in
to as rruch as $312 billion • As the President asserted last night , we
cannot tolerate this increase. It would feed the already overheated fires
of inflation •
. .
- 3 -
A '-f'"w~1J::s~ prevent such budget• overruns fran taking place •
~~must also resolve to reduce expenditures below the originally
proposed $305 ~llion level We cannot do this without the active
support of the public , of the business carmunity , of the labor organizations,
aOO of the Congress • ~ Af ~ :i; Oa~ere has been nuch talk · a so-called veto-proof Congress
·~ ~vemrer. As a M:!mber of the Congress for a quarter-century, I am
fully aware of the inflationary damage a veto-proof Congress could inflict .
What we need in November is not a veto-proof Congress but an
inflation-proof Congress . We~ the check and balance of an effective
Presidential veto to control exces~ • We cannot afford to escalate inflationary pressures by electing a veto-proof
Congress. I am speaking today of pocketl:x:>oks nore than politics • 'Ibis is
not a purely partisan matter . An inflation-proof Congress will require election of _..
M:!mbers of either party who will not spend us into greater inflation . I candidates
naturally tend to believe that suc~ll be found nnre often on the
Republican ticket •
If we are abl to control expenditures we will be ~-nuch better
position to pro se a .udget next year ~ will • not onl~ balance but maybe even in the war a ainst inflation
in surplus . Nothing could be nnre importan to achieve a surpl¥S
in next year's governnent operations .
The inportance of reduced expenditures cannot be overestimated • Reduced expend:
Ji=es maan reduced CjO\lerllllelt barroiring , reduced interest rates, a00 help + the Federal Reserve in its efforts to slow the inflationary expansion of nnney and
credit •
. .
I - 4 -
. ~~~~..I
TBese are the essentials • Without progress ii ' : tW?&F]CEQRXORE8£
victory in the fight against inflation is beyond our grasp • Even as we -persevere on this course we ImlSt ~ explore other actions --to help ~ relieve inequities •
Certain industries such as the public utilities, housing, financial
institutions , and others have been especially hard hit • '!here are N
raoodial suggestions that may have mer:G. and deserve i~ive sttrly •
il~s frxq:u.~~1c;s r,:r.~ ~~:-~ against inf~l~n • Certain ,Tiie VN6MP~t>Y6}) 1 ~ ~~"'
groups -- °J:::;, l\mericansrsans CD fi.Jced incooE ~:ii ' e ;,......, «..____ bzackets ad FA require special help ~' T# ,N 3 V l> GFrAA)' LIMIT ..s'.
I have addressed reyself briefly to a tough problen requiring tough actions.
Iet us never forget that we are blessed as a nation with the nnst productive
econarry the world has ever known • -----=--We have the courage °' LAA 1 1 'Laa the ~
ability/ arrl~ Iet us return t o fundanentals • And we will show
the Free ~rld the way to end inflation •
. .