On the recordJanuary 15, 1992
Yes, I would, because we're getting to a funny season here politically where everybody's running around saying, what's going to have the most populist appeal? What is the thing that's going to help the most? There was a proposal made by one of Bob Smith's colleagues a while back, last fall, of a massive tax cut, and the long-term interest rates shot up the very next day. I will not go for a quick fix. What we will be proposing and have proposed and have been stiffed by a Democratic Congress are things that would do what you're talking about. Capital gains is part of it; IRA's that affect the first-time homebuyers is another part of it; extension of the R&D tax credit is another part of it. And these are aimed at what you're talking about, real growth. And to those I would add an education and retraining program that is absolutely fundamental to be able to compete. I would add a necessity for this President and for Governors to do what we're trying to do, and that is to get access, fair access, to others' markets. I would avoid the siren's call of protection that suggests the way for us to get strong is to put quotas on and to start managing trade. We'd be right back where we were in the Smoot-Hawley days of the thirties, and there are one or two other people around here that are old enough to remember what it was like when we shrunk the foreign markets. So, I agree with what you say. I hope this is what we've been trying to do. And I know this is a political trip because the campaign has to pay for it, so give me more Congressmen like Senator Smith and Bill Zeliff and Gordon Humphrey and this Governor, and I believe we can get the kind of investment-oriented programs through the Congress. I am going to try again. And I would like to save one or two additions to what I've told you for the State of the Union, but I hope you'll agree that what we're proposing is not a quick political fix that will get you votes through a series of southern primaries after the New Hampshire primary, but something that will take the Government role and use it in partnership with private industry and State governments to get this sick economy moving. I don't want to try to be up here to assert blame; I'll take my share of it. But when you look at what we have tried to do in terms of growth incentives and the way we've been stiffed by a hostile Congress for pure political reasons, I need the help of the people in this State. That's one reason I'm just delighted to be here. But again, when it rains before you see that rainbow, the President has to take his share of the blame. And I'm here to do just exactly that. But we will stay involved internationally, and I will press for those kinds of sound investment--you mentioned depreciation schedules or ITC, that's sound. And please stay tuned for the State of the Union. [At this point, remarks were made by a participant.]
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