I'm speaking to you tonight to
give you a report on the state of our Nation's economy. I regret to
say that we're in the worst economic mess since the Great Depression.
A few days ago I was presented
with a report I'd asked for, a comprehensive audit, if you will, of
our economic condition. You won't like it. I didn't like it. But we have
to face the truth and then
go to work to turn things around. And make no mistake about it, we can
turn them around.
I'm not going to subject you to
the jumble of charts, figures, and economic jargon of that audit,
but rather will try to explain where we are, how we got there, and how
we can get back. First,
however, let me just give a few ``attention getters'' from the audit.
The Federal budget is out of
control, and we face runaway deficits of almost $80 billion for this
budget year that ends September 30th. That deficit is larger than the
entire Federal budget in
1957, and so is the almost $80 billion we will pay in interest this year