[Weekly Compilation of Presidential Documents Volume 29, Number 9 (Monday, March 8, 1993)]
[Pages 331-332]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Radio Address to the Nation on the Economic Plan

 February 27, 1993

    Good morning. Before I talk with you about our economic program this 
morning, I want to say a word to the good people of New York City and to 
all Americans who have been so deeply affected by the tragedy that 
struck Manhattan yesterday. A number of innocent people lost their 
lives, hundreds were injured, and thousands were struck with fear in 
their hearts when an explosion rocked the basement of the World Trade 
Center.
    To their families, you are in the thoughts and prayers of my family. 
And in the synagogues and churches last night, today, and tomorrow you 
will be remembered and thought of again and again. My thoughts are also 
with the police, the firefighters, the emergency response teams, and the 
citizens whose countless acts of bravery averted even more bloodshed. 
Their reaction and their valor reminds us of how often Americans are at 
their best when we face the worst. I thank all the people who reached 
out to the injured and the frightened amid the tumult that shook lower 
Manhattan.
    Following the explosion I spoke with New York's Governor Mario Cuomo 
and New York City Mayor David Dinkins to assure them that the full 
measure of Federal law enforcement resources will be brought to bear on 
this investigation. Just this morning I spoke with FBI Director 
Sessions, who assured me that the FBI and the Treasury Department are 
working closely with the New York City police and fire departments. 
Working together we'll find out who was involved and why this happened. 
Americans should know we'll do everything in our power to keep them safe 
in their streets, their offices, and their homes. Feeling safe is an 
essential part of being secure, and that's important to all of us.
    I also want to take this opportunity this morning to talk about 
another crucial aspect of our security, our economic security. Ten days 
ago I asked for your help to bring bold changes to our economy. I said 
it would be a challenge and that our plan would require every one of us 
to contribute and that the price of doing nothing is far, far higher for 
all of us than the price of change. Most of all, our work together will 
bring us important returns: more jobs, more growth, better incomes, and 
a better future for our children.
    Your response to this plan has been overwhelming to me. Business and 
labor leaders have made a rare alliance on behalf of a program that 
offers lower interest rates and investment incentives for private 
enterprise and modern skills and opportunities for working people. 
Citizens from cities all across the country have looked at our plan and 
concluded that the changes we ask are right in the short term and for 
the long-term health of the economy. I think you know that we can no 
longer deny that our huge national deficit drains our economic health 
and that our investment deficit will smother our hopes for economic 
growth.
    There is an alternative: our plan for a new direction. It provides 
retraining to Americans for better jobs, incentives for small businesses 
to invest, and a head start, better nutrition and superior schools for 
our children. Our plan will cut the deficit as a percentage of our 
national income in half between now and 1997, so we can put our 
resources to work for all of us. What is happening in this Nation is 
historic. After many years of drift and division and gridlock, the 
American people are uniting behind this call for a new direction. In 
recent days the White House has been flooded with letters. You've sent 
along moving stories about how you've been affected by the hard economic 
times, and we've received several contributions to reduce the debt.

[[Page 332]]

    Many of you who have written are single parents. You're worried 
about paying your own bills today, but you're also worried about the 
lives of your children tomorrow. Your support is a symbol of 
selflessness, of the foresight and determination now catching fire 
across our Nation.
    I received one letter from Rachel Nunamaker of San Jose, California. 
She's 83 years old, and she wrote, ``Stick to your guns, you're on the 
right track.'' Well, I think Mrs. Nunamaker is right; we are on the 
right track. Already mortgage rates have fallen to their lowest level in 
20 years, 20 years. With falling interest rates more people can afford 
loans to build their businesses, buy cars, or purchase houses. This is 
good news for everyone but especially for the young adults and middle 
class families who thought they would never be able to afford their own 
homes. That's an essential part of the American dream we're working hard 
to restore. And it can be restored.
    Our plan will work. It cuts waste and inessential Government 
spending, and it increases public and private investments to create more 
jobs and rising incomes and to educate and train people better. It 
spreads the burden as fairly as possible, and the opportunity it 
promises will pay us back many times over. If we get America moving 
again, I don't care who gets the credit. Ultimately the credit will go 
to you, the American people. As a patriot once said to the citizens of 
our democracy, You are the beginning and the end. This is an exciting 
time to be an American, and we must not let this historic moment pass. 
We are rebuilding the American community and the American economy 
together.
    On March the first we'll mark an anniversary that is especially 
significant to my generation. Thirty-two years ago President Kennedy 
inspired Americans to serve in the Peace Corps. On Monday I will discuss 
my proposal for a new form of voluntary national service. It's a plan to 
invest in our country's future, a call to action and to responsibility 
that will involve one of our most precious national resources, our young 
people. With national service, hundreds of thousands of students will 
have a chance to pursue higher education. Everyone with the desire to 
serve will have the opportunity and will meet social needs that for too 
long have gone unaddressed. National service will be a great gift for 
the next generation of Americans.
    In closing today, let me share with you another letter I received 
that arrived with an extraordinary gift. They come from George L. Baker 
of Sherwood, Arkansas, a retired Air Force major. After serving his 
country under extreme danger, Major Baker was awarded the Distinguished 
Flying Cross for heroism. It is a recognition that George Baker should 
have kept for the rest of his life. But Major Baker sent that medal to 
me as a sign of his support for our economic program and to encourage me 
in this ``quest for sanity in our national direction.'' And he closed 
his letter, ``Godspeed, Mr. President.'' From the bottom of my heart, 
Major Baker, thank you for this most inspirational gift. With your help 
and with the help of Americans just like you all across this country, we 
will restore the vitality of the American economy and enjoy a nation 
united by the dreams we all share.
    Thanks for listening.

Note: The President spoke at 10:06 a.m. from the Oval Office at the 
White House.