[Public Papers of the Presidents of the United States: George H. W. Bush (1992, Book I)]
[February 22, 1992]
[Pages 296-297]
[From the U.S. Government Publishing Office www.gpo.gov]



Radio Address to the Nation on the Economy

February 22, 1992
    Today I want to talk to you about getting our economy moving. I know 
there's a lot of debate about how to create jobs and build economic 
strength, but in the end it all boils down to common sense. To 
strengthen an economy, you encourage investment. You support industries 
that pull nations out of recessions. You encourage success.
    In my State of the Union Address, I proposed a short-term economic 
plan that does these things. I challenged Congress to set aside partisan 
politics for just a few weeks and pass my plan by March 20.
    Unfortunately, Democratic leaders refused to submit my plan for a 
quick, clean vote. They chose politics over duty. They huddled behind 
closed doors and played games with the Tax Code. They put out one plan 
one day, another plan the next. Finally, they settled on a scheme that 
makes no economic sense.
    Their proposal won't help homebuyers. Their proposal will increase 
the deficit. It borrows $30 billion to pay for a tiny temporary tax cut. 
For each person in the average family of four, it hands out about a 
quarter a day, but only for 2 years. This turns out to be a very costly 
quarter. After the temporary cut expires, Americans would shoulder the 
burden of a huge permanent tax increase. In other words, these 
congressional leaders want to give you 2 years of pocket change in 
exchange for a lifetime of higher taxes. And that is a very bad deal for 
us and for our children who must pay the bill.
    And now my plan: My plan will create jobs. The real estate 
incentives alone will generate 415,000 new jobs this year. My plan 
offers the hope of homeownership to first-time homebuyers. Some people 
have begun buying homes already, expecting Congress to pass a plan that 
encourages real estate investment, my plan. Congress shouldn't let those 
people down.
    My plan will not increase the deficit. It makes some tough choices 
on Federal spending because I refuse to mortgage our children's future 
for short-term political gain. My plan will not raise tax rates. I want 
to raise the child deduction on Federal income taxes by $500, and I want 
Congress

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to pass this permanent, long-term, profamily tax cut this year.
    Put the plans side by side, and here's the bottom line: My plan 
works; theirs doesn't.
    So today, join me in telling Congress: Stop fooling around with our 
future. Tell them to pass my plan now. If politicians hem and haw and 
offer up excuses, remind them your job is more important than any 
politician's job. Our recovery will get a huge boost the moment Congress 
passes my plan. But I need your help.
    Thank you. And may God bless you and the United States of America.

                    Note: This address was recorded on February 21 in 
                        the Oval Office at the White House and was 
                        broadcast at 9 a.m. on February 22.