[Weekly Compilation of Presidential Documents Volume 29, Number 10 (Monday, March 15, 1993)]
[Pages 368-369]
[Online from the Government Publishing Office, www.gpo.gov]

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

 March 6, 1993

    Good morning. We've come a long way together in the last few weeks. 
You've had the opportunity to look over my plan to give America a new 
direction. And from what I've heard all across the country, you like 
what you see, not because you agree with all of the details but because 
you know that this program is a fundamental departure from business as 
usual in Washington. It makes dramatic reductions in deficit spending, 
over 150 specific cuts in domestic programs, and asks a contribution 
from every American based on his or her ability to pay, all to get the 
deficit down.
    I've challenged the critics of our plan to help me find more 
spending cuts that reduce the deficit for real, not the kind of gimmicks 
and not the delays of tough choices we've seen in the past. Previously, 
when Washington has talked about cutting the deficit tomorrow, it was a 
tomorrow that never comes. We're going to change that. But perhaps the 
biggest change we're offering is a national investment strategy to 
create jobs and grow our economy. Every investment we make is paid for, 
dollar for dollar, by spending cuts in existing programs. Every 
investment is designed to make us smarter, safer, and more secure, now 
and in the long term. These investments embraced old-fashioned ideas 
like education and work and self-reliance, but they meet the challenges 
of the new economy with an arsenal of new ideas.
    But we begin by making an ironclad commitment to the safety and 
well-being of our families: First, to immunize every American against 
avoidable, preventable childhood diseases. For every $1 we spend today, 
we'll save $10 in the future. Then, to fully fund the Head Start program 
to give all of our children a chance to start school ready to learn. 
That will save $3 for every $1 we invest. And then, to open the doors to 
college education to tens of thousands of promising young students in 
exchange for their work in a program of national service. In every case, 
they are investments that will pay dividends and strengthen our economy 
for years to come. We can't afford to do less.
    At a time of immense global change, the price of doing nothing is 
persistent unemployment, shrinking wages, and workers unable to fulfill 
their potential. But with the advantages of intelligent investment, our 
workers can compete and win in this global economy. For example, changes 
are coming for communities and companies which defended America during 
the cold war. As the defense industry shrinks and adjusts to the new 
world, we must make offsetting investments in civilian research. And if 
your job has been threatened by the end of the cold war or by changes in 
world trade or by changes in the way we build products or provide 
services here in America, the United States shouldn't let you down.
    This investment program includes a bold new initiative to ensure 
that every worker has the training to get a good job in the new economy. 
And the plan contains the boldest national apprenticeship program our 
country has ever had, so that all high school graduates who don't go to 
college can receive the skills and the encouragement they need to find 
good jobs.
    For all these workers and students, their lives and livelihoods 
depend upon the power of investment. Overall, this plan will create more 
than 8 million public and private sector jobs over the next 4 years. 
It'll put people back to work in building roads and bridges and creating 
the new technologies that will employ our people and bolster our profits 
well into the 21st century.
    We also propose the boldest package of incentives targeted to small 
business: a $3 billion-per-year permanent investment tax credit, 
targeted to the small businesses that promote job growth in this 
country, and tax initiatives for small companies who will start new 
enterprises so that we can reward entrepreneurs who take risks to build 
new businesses. And next week we'll go further by announcing regulatory 
changes to expand the availability of credit for small- and medium-

[[Page 369]]

sized businesses seeking loans, without sacrificing our abiding 
commitment to the safety and security of our financial system.
    By making more capital available to the private sector and by 
lowering its costs, business will be able to expand, grow, and create 
jobs again. All of these investments, the new policies, and the new 
ideas reflect my belief, and I think yours, that the status quo isn't 
good enough and that we can do better.
    Yesterday we saw figures showing a slight improvement in the 
Nation's jobless rate. We're happy whenever fewer Americans are out of 
work. But we certainly can't declare victory now. For while employment 
is edging up, unemployment is still higher than it was at the depths of 
this recession. And most of the new jobs being created pay part-time 
wages and rarely provide workers with the health care coverage families 
need. If this anemic recovery is the best we can do, it's further proof 
that real changes are needed to produce a better economy and a better 
life for our people.
    There are those who actually lack the vision to support these 
investments because they say that we shouldn't spend any new money 
trying to grow this economy. It's not that they have a plan to make the 
economy grow, but they just dismiss the investment portion of our 
program by calling it more Government spending.
    There is a profound difference between spending and investment. It's 
the difference between the status quo and change. And clearly, we have 
to change. We have to have the courage to cut spending and the wisdom to 
invest our new resources wisely. We can't do nothing, but we shouldn't 
do one without the other. The program I've offered to Congress is the 
only one which will offer a balanced approach to turn the economy 
around, and we have to do it now.
    I hope you'll join me in this call for a new direction. I hope 
you'll enlist your Representatives and Senators in the critical cause of 
change. This is the American way, taking charge of our destiny, working 
hard, and investing today so that we might build a better tomorrow.
    Thanks for listening.

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