On the recordJuly 11, 1999
I would say three things. Number one, anybody who has done as well as most of them have done in the last 6\1/2\ years ought to want other people to do better. They ought to feel like they should do it. But if they don't feel that way, the second thing I'd say is, there is money to be made out there. You know, the Aetna chairman who went with us on the first half of the trip, he also took our little advance trip down to Atlanta, you know, when we were down in the market down there, and he made a joke. He said, ``I may be the only guy that's not happy about this, because I had this figured out, and now all my competitors are going to find out.'' There's money out here to be made by creating businesses and jobs and tapping the consumer markets. The second thing I would say is, even if--to a Republican who would not invest in this area, even not getting money, I would say they ought to think about the larger economy. How can we keep the economic growth going the last 6\1/2\ years? We've already got the longest peacetime expansion in history. Soon, if we--knock on wood--can keep it going, it will be the longest expansion in history. How are we going to keep growth without inflation? The answer, it seems to me, is there are only three options: We've got to sell more American goods and services around the world, which is why I think--and most of them agree with that. Secondly, you can bring more discrete groups of people who are outside the work force now into the work force so there will be workers and consumers; that's principally the remaining people on welfare and the disabled. You know, we had this big initiative before the Congress--I think is going to pass--to legislate when people take their Medicaid insurance in the work force. But by far, the biggest opportunity is the third one, which is to find new markets here at home, basically to both create producers and consumers in the areas of our country which have not participated in this recovery. That is a noninflationary way to continue to grow the economy, to continue keep the unemployment rate down. Tax Cuts and New Markets Initiative Mr. Herbert. The Republican Party would like to pull a large tax cut out of the surplus. What are the implications of that for this effort that you've been spotlighting for the past 4 days?
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