Economic prosperity

“ The American economic, political, and social organization has given to its citizens the benefits of material prosperity, political liberty, and a wholesome natural equality; and this achievement is a gain, not only to Americans, but to the world and to civilization. ”

“ It would almost seem as if a vast wave of prosperity had enveloped the country, were one to judge of the stories of millions made in a minute, fortunes sprung up over night, new factories erected where work never ceases ”

“ We also want to do this because it serves the most important goal we have today, which is to rebuild our economy in a way that's consistent with our values -- an economy -- (applause) -- and I want to describe to you the kind of economy that we want to build: an economy that rewards hard work and responsibility, not high-flying finance schemes -- (applause) ; an economy that's built on a strong foundation, but not one that's propelled by overheated housing markets and maxed-out credit cards. In other words, we want to build an economy that offers prosperity for the long run. ”

“ We there meet all the signs of prosperity—an active and well conditioned population, great exportations, considerable interior consumption, superb roads, many opulent towns, a ready and abundant circulation, the interest of money low, the price of labour high ”

“ That’s why our economy hasn’t just been the world’s greatest wealth creator – it’s bound America together, it’s created jobs, and it’s made the dream of opportunity a reality for generations of Americans. ”

“ I think all Americans know that our prosperity is broad and it is deep, and it has brought record profits, the highest in our history, and record wages.
Our gross national product has grown more in the last 5 years than any other period in our Nation's history. Our wages have been the highest. Our profits have been the best. This prosperity has enabled millions to escape the poverty that they would have otherwise had the last few years. ”

“ Raised in unrivaled prosperity, we inherit an economy that is still the world's strongest, but is weakened by business failures, stagnant wages, increasing inequality, and deep divisions among our people. ”

“ To prohibit either is to paralyze industry, to stand still as a producing power, and to stand still is only the temporary pause before retrogression begins. Commercial prosperity is simply this expansion of industry and trade consequent upon the development of new resources. ”

“ The great end of legislation in matters of national wealth, according to the prevalent opinion, was to create consumers. A great and rapid consumption was what the producers, of all classes and denominations, wanted, to enrich themselves and the country. This object, under the varying names of an extensive demand, a brisk circulation, a great expenditure of money, and sometimes totidem verbis a large consumption, was conceived to be the great condition of prosperity. ”

“ The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart -- not out of charity, but because it is the surest route to our common good. ”

“ It is, however, quite possible that there might be a great progress in industrial improvement, and in the signs of what is commonly called national prosperity; a great increase of aggregate wealth, and even, in some respects, a better distribution of it; that not only the rich might grow richer, but many of the poor might grow rich, that the intermediate classes might become more numerous and powerful, and the means of enjoyable existence be more and more largely diffused, while yet the great class at the base of the whole might increase in numbers only, and not in comfort nor in cultivation. ”

“ I replied, "and ought to meet a fair answer, and I should say, that, were our country in a fair ordinary state of prosperity, there would be no reason why our wealth should not flow out for the encouragement of well-directed industry in any part of the world ”

“ The distribution of the product and accumulated wealth would probably have been different, too, and very likely more wholesome. People would have relied more upon their own energies and less upon the Government to make them rich. But, in my opinion at least, the aggregate production of wealth and the general state of popular prosperity would not have been less. ”

“ We have the power, gentlemen, of going back to the time when protection was in full and unchecked force, and of examining the effect which it produced313 upon the wealth of the country. How, will you say, do I mean to test that wealth? I mean to test that wealth by the exports of the country, and I will tell you why, because your prosperity depends upon the wealth of your customers—that is to say, upon their capacity to buy what you produce. And who are your customers? Your customers are the industrial population of the country, who produce what we export and send all over the world. ”

“ Let us continue to extend our foreign intercourse and home cultivation—let the merchant legislate in affairs of trade—the landholder in country matters; each in that in which his judgment has been formed by experience, acting always on the principle that the general prosperity of the country is the interest {133} of every class—that, like the branch and the root, their prosperity is indissolubly combined. ”

“ And the decisions we make now will determine whether or not we accelerate this progress – whether economic gains flow to a few at the top, or whether a growing economy fuels rising incomes and a thriving middle class. ”

“ Again, the influx of money into a country is spoken of as "prosperity," although it is quite possible that the prosperity may be the prosperity of a few, and those few already the most prosperous class. ”

“ But if we change terms, and rejecting this equivocal and fluctuating idea of a balance of trade, consider whether commerce has contributed to the wealth and prosperity of the United States, or has been the cause of the distress they are now enduring, the evidence will at once strike us as more intelligible, and the conclusion as more certain. Agricultural improvements, building houses and raising up cities, manufacturing improvements and ship building, are among the strongest proofs of a permanent increase of national wealth and prosperity. ”

“ And we set out to rebuild our economy on a new foundation for growth and prosperity by investing in things that grow our middle class – things like jobs, health care, and education.
Today, our businesses have created more than 13 million new jobs over the last five and a half years. ”

“ The most striking instances of prosperity are in the case of those who have had nothing to rely on but their own slender means and the small loans of fellow -workmen, and who lived on bread and water while they devoted the whole surplus of their gains to the formation of a capital. ”

“ What with royal favor, social prestige, general prosperity, the new national eagerness to find vent for surplus commodities, and, above all, the spirit of speculation fanned into flame by the real and fabled wonders of America, what with all this the investing public could take its choice of 'going the limit' in a hundred different and most alluring ways. ”

“ By this combined effort we shall be able to obtain the full market value of our products—the products of the farm, dairy, orchard, vineyard, the products of the woolen and cotton factory, of our shoe shops, and every mechanical appliance, to enable us to procure all labor-saving machinery, by our combined efforts, which men in their individual capacity are not able to do. We shall also be enabled to start new enterprises, and if they do not pay at first, they are bound to pay in the end, if they are necessary adjuncts to the prosperity of society. ”

“ The hope of improving their lot is the mainspring of industry, in all stations of life. The prosperity of this country has been attributed, not only to the spirit of enterprize of our merchants and manufacturers, but likewise to the effect, which the possession and security of property have on the minds of men. ”

“ I have stated that three elements of prosperity to the nation--capital, labor, skilled and unskilled, and products of the soil--still remain with us. To direct the employment of these is a problem deserving the most serious attention of Congress. If employment can be given to all the labor offering itself, prosperity necessarily follows. I have expressed the opinion, and repeat it, that the first requisite to the accomplishment of this end is the substitution of a sound currency in place of one of a fluctuating value. ”

“ So I do not believe that we will have the relative economic dominance we have today. We've got about 4 percent of the world's people and almost 22 percent of the world's income. But I think we can be still very prosperous. ”

“ Don't you know, that the general prosperity of the country was never greater than now! Why the wealth of the nation is growing at a marvelous rate! Never before, were fortunes made so easily! The way is open for every industrious man ”

“ During this prostration two essential elements of prosperity have been most abundant--labor and capital. Both have been largely unemployed. Where security has been undoubted, capital has been attainable at very moderate rates. Where labor has been wanted, it has been found in abundance, at cheap rates compared with what--of necessaries and comforts of life--could be purchased with the wages demanded. Two great elements of prosperity, therefore, have not been denied us. ”

“ Doth our country flourish in wealth, in grandeur, in learning, in general prosperity? it must be imputed to industry; to the industry of its governors settling good laws, and mantaining social order, and to the industry of its people following profitable occupations. It is not by the force and success of our arms, but by persevering industry and skill, that our country has arisen to such a pitch of grcatness. ”

“ Aiming at greater production, economy and efficiency, through their large means and modern improvements, than had been possible with small concerns, they marked a forward step in that progressive industrial, commercial and financial march which has created our vast national wealth and made this country the Wonder of the World. ”

“ Finally, we have claimed that the unmistakable sign of prosperity in a society is not an increasing production of wealth, but an increasing demand for labour, or the offer of more and more wages in compensation for this labour. Messrs. Ricardo and Say, though not denying that an increasing demand for labour is a symptom of prosperity, maintained that it inevitably results from an increase of production. ”

“ We heard from business owners, workers, economists, and many other Americans who are seeing hopeful signs throughout our country. Our economy has come through a lot these past four years and now our people are benefitting from solid economic growth, steady gains in new jobs, record home ownership, and rising family incomes. ”

“ In days of commercial prosperity, when capital is being diffused, and men of means use both capital and credit for great achievements, such as building railroads, towns, cities, factories, mills, etc., then is the time we are allured on to excesses. ”

“ In the case of a more complicated manufacturing establishment, it should also be perfectly clear that the greatest permanent prosperity for the workman, coupled with the greatest prosperity for the employer, can be brought about only when the work of the establishment is done with the smallest combined expenditure of human effort, plus nature's resources, plus the cost for the use of capital in the shape of machines, buildings, etc. ”

“ Let it practice true and conscientious economy, not only in the expenditure and application of public moneys, but also in the method of levying them, so as to be equally just to all classes and all economical interests. ”

“ Similar signs of progress and prosperity are to be found in the development of organized manufactures, in the increased investment of capital in commerce and industry, in dividends paid by various enterprises, in the extended use of the railways, the postoffice and the telegraph. ”

“ May not the values destroyed, and to be recreated, in the form of trade connections, social organization, accomplished adjustments, and the like, be greater than the new values to be gained by better adaptation of industry to the physical resources or the capacities of the labor supply, of the country? ”

“ Our courts of justice, our financial institutions, our methods of trade, and our schools of all grades are examples of social harmonies which found their form by long conflict, and settled down to smooth action by custom. The financial institutions and the methods of trade belong to the economic system. The system of production is modern and new. ”

“ The savings of labor which have fallen so largely into the hands of the few, making them rich men, have built our railroads, steamships, telegraphs, manufactories, thus in many ways adding to the means of production, and the facilities of commerce at home and abroad. These saved earnings in the hands of men seeking investment for profit have increased the wealth, resources, and refinements of civilization, made abundance possible, and brought it within reach of all, except the unfortunate, or the indolent and improvident. ”

“ What, then, will be said, if, in reality, it shall be proved that there is every indication of increased and increasing wealth, not only poured into the grand reservoir of the national capital, but diffused through all the channels of all the higher classes, and giving life and activity, as it passes, to the agriculture, the manufactures, the commerce, and the navigation of the country? ”

“ But her future prosperity depends largely upon the prosperity of the agricultural population which surrounds her, which fills her elevators and warehouses, and furnishes freight for her boats with its products, and has [Pg 235] need of her manufactures in return. And thus we see illustrated the fundamental principle of political economy, that that which concerns one must concern all; that one class or section of people cannot suffer without affecting in some degree all classes and sections. All are interdependent, and all must stand or fall together. ”