Radio Address to the Nation on the Economy
My fellow Americans:
week the Democrats will hold their national convention in
it comes to the economy, there are two big facts to keep in mind. Before we
me to share with you just a few figures, figures I truly hope the Democrats
keep in mind as they meet in
What does all this mean? It means that getting the Government off your backs and out of your pockets has worked. You see, for years now there have been two basic approaches, two basic philosophies, regarding our economy. The liberal view is suspicious of free markets and private enterprise. It holds that it's the job of government to intervene in the economy, and to intervene constantly -- taxing, regulating -- spending more and more of your dollars. And, yes, it's this liberal view that nearly wrecked our economy the last time the Democrats were in charge.
Our administration ushered in a new philosophy, one that trusted you, the people, and not big government. We cut tax rates, pared back regulations, limited the growth of government spending. And we did all this to get government out of the way so that individuals and enterprises had incentives to grow, to invest, to innovate, to create jobs. Professional economists would describe our philosophy as one that believes there's a bias for growth in the private sector. To put that same idea in plain language, we believe it's only natural for individual men and women to want to build a better life for themselves and their families and that it's up to the Government to get out of the way and let them do just that.
By now, it's clear that our approach works, that trusting the people leads to prosperity. Economists have even begun to realize that the old boom-and-bust cycles of the past probably had more to do with the volatility of government policy than with underlying economic causes and that if we remain true to low-tax, high-growth policies, today's expansion, already at 67 months and still counting, can go on and on.
brings me back to the convention that's taking place in
firmly believe that there will be some right-minded Democrats at the convention
next week, just as there are many rank and file Democratic voters across the country who agree. But sadly, the leaders in charge of the
convention will want to take
as you watch the convention in
Until next week, thanks for listening, and God bless you.
Note: The President spoke at 12:06 p.m. from the Oval Office at the White House.