Statement on the Economic Recovery

July 15, 1983

The report this morning of the 1.1-percent June rise in industrial production brings welcome news for the summer: America's recovery is strong and continues to build. This seventh straight month of improvement in the Nation's mines and factories saw widespread gains in the production of materials and products. It strongly suggests more Americans will find more jobs in the months ahead.

Our goal is an economic recovery that leads us to a new era -- strong and steady growth with greater opportunities for all Americans. The latest news on inflation indicates economic growth can continue without triggering an outburst of new inflation.

We must not permit the specter of towering inflation and interest rates to reappear in America and destroy the progress we've made. So, I appeal to the Members of the Congress -- both Republicans and Democrats -- to work with us to hold down Federal spending and resist raising taxes on the people.