Summary

PRESIDENT RONALD REAGAN SPEECH TO THE MEETING OF THE INTERNATIONAL MONETARY FUND

Source CONUS Archive
Record ID 327656
Story Slug REAGAN - INTERNATIONAL MONETARY FUND SPEECH (1987)
Location WASHINGTON, DC
Format TVD
Date 09/29/1987
Archive Time 03:57:37
TRT 5:07
Supers WASHINGTON, DC
Video Description WIDE OF ROOM WITH REAGAN AT PODIUM, TIGHT OF REAGAN SOT
Description PRESIDENT RONALD REAGAN SPEECH TO THE MEETING OF THE INTERNATIONAL MONETARY FUND
Script (SUGGESTED TRANSCRIPT OF AUDIO) 00:00 Reading, and I still remember when we first met together, not that long after my arrival in Washington Then we talked about a revolution in economic thinking A trade deficit is symptomatic of structural problems that we as managers need to address, 00:17 self destructive protectionism, however, 00:19 is definitely not the answer 00:23 I pledge to you that any protectionist legislation reaching my desk is going to be returned to the Congress with veto on the cover 00:33 Part of the answer lies here Part 00:42 of the answer lies here at home As I noted at the Economic Summit in Venice last June, it's imperative that the United States consistently reduce its federal deficit spending, and today, I will sign a bill that reinstates our deficit reduction targets as part of an extension of the borrowing authority of the United States government Now this was not an easy decision On one hand was the responsibility to preserve our 200 year history of meeting our obligations and maintaining credibility and reliability to our own citizens and to the world On the other hand, was the political debate being waged between those who favor either raising taxes or cutting defense or both, and those of us committed to further reductions in domestic spending, reductions that will bring down the deficit and keep our economy strong As I said, it was a tough decision, it should be seen as a signal that America is not backing down from its responsibilities, but having made this decision, I call on the surplus countries to do the same, to find the political gumption to stimulate their economies without reigniting the fires of inflation It must be recognized that the health of the world economy does not hinge solely on us Budget Policy, the unnecessary costs market distortions and the inefficiencies of current agriculture policy are part of the political and economic landscape throughout much of the Western world, and for this very reason, the commonality of the problem, we believe a broad based, cooperative international solution is the only answer No nation will be excluded, no people left behind The United States remains fully committed to doing its part in working with those developing nations that are struggling to improve the well being of their people Overcoming the obstacles to progress in these poorer nations is perhaps the greatest management challenge in the world today What's needed is commitment, as in all good management plans, a model that works The world is not without such models In the last 30 years, there's been extraordinary growth and economic advancement in what were underdeveloped nations around the Pacific Rim, some of which are poor in every significant natural resource, including adequate territory These peoples have overcome great difficulties, improved their living standards and become a major force in the world economy The Success I'm talking about is in stark contrast to the misery and decline so evident in nations that have followed statist development models in many parts of Africa, collectivism has brought decline even in countries rich in natural resources, there are, however, reasons for hope that the corner has been turned in Africa The promise in some African countries is in stark contrast to the continuing plight of Ethiopia It's time to admit that in Ethiopia, statism, as well as drought, were the cause of a human tragedy that touched the hearts of people throughout the world Yet even as food, medicine and other humanitarian support has poured into Ethiopia, donated by caring people in Western countries, the Marxist government there supported with the Soviet Union, has barreled down a path that obliterates hope for the future What is not needed now is business as usual The United States will continue working with all those who are putting forth an honest effort to deal with the debt dilemma, as vexing as our problems are, let no one doubt that democracy works The unbridled energy of free people is the most powerful, creative and moral force on this planet And through all the political maneuvering and public debate, through the arduous Negotiations, compromises and balloting, one cannot but feel that he or she is
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Keywords

TRADE DEFICIT
PROTECTIONISM
REAGAN
DOMESTIC SPENDING
RAISING TAXES
DEFENSE SPENDING
INTERNATIONAL FINANCES
AGRICULTURE POLICY
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