Economic success

“ 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. ”

“ 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. ”

“ Whatever we have had, leaving the white collar workers and the farmers in discomfort as it has done, it has not been a tide of prosperity. That there has been a great activity in business is undeniable, but industrial activity and economic prosperity are two different things. ”

“ 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. ”

“ On every side are to be seen unmistakable evidences of national prosperity. The industrial arts are pursued with more vigor and success than ever before. The various channels of commerce, instead of being drained, dried up, are crowded to their utmost capacity. ”

“ In the higher grades of economic society the advantages of the recent changes were more distinct, the disadvantages less so. The rise of capital and business enterprise into greater importance, and the extension of the field of competition, gave greater opportunity to employing farmers, merchants, and manufacturers, as well as to the capitalists pure and simple. ”

“ The recent economic development of some few of these countries, and especially the extension of their agriculture and their mining, have naturally tended to give a practical turn to thought and action, fixing men's minds on business, on the public improvements which wealth makes possible, and on the enjoyments to which it invites. ”

“ The Economic Function.—The nation has an economic function. It is its business to encourage trade by means that seem most likely to help, whether by subsidies, tariffs, or expert advice; to protect all producers, distributers, and consumers by just laws and tribunals, so that unfair privileges shall not be enjoyed by the few at the expense of the many, and to provide in every legitimate way for the spread of information and for experimentation that agriculture, mining, and manufacturing may be improved. ”

“ 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. ”

“ 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 ”

“ Over the past four and a half years, we’ve fought our way back from the worst recession of our lifetimes and begun to lay a foundation for stronger, more durable economic growth. Today, our businesses have created 7.3 million new jobs over the last 41 months. ”

“ 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 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. ”

“ His business gradually increased, and then, with his constantly saved means, he was enabled to increase his stock of type, and to undertake larger jobs. Industry always tells, and in the long-run leads to prosperity. ”

“ As I said, we've got experts from a wide range of business sectors, and what we're going to talk about is, are there mechanisms that we can start putting in place where we see the kind of growth that used to characterize the U.S. economy -- export-driven growth, manufacturing growth, growth that pays high wages and provides high living standards for a broad-based middle class. ”

“ The gradual introduction of an improvement is important, since it affords time for an increase in the social demand for the product which is thus cheapened and for introducing at many other points improvements which neutralize, in a large degree, the labor-expelling effect of the first improvement.
(4) Technical gains are the largest source of additions to the total amount of the social capital. The constant influx of new capital facilitates the placing of laborers at the points where they are needed. ”

“ Encreased wealth among the various classes of the community, may be viewed In the same light as capital; it flows from increased trade, and it produces a still further increase of trade. The views, and desires, and habits of mankind, are like their knowledge, they are and must be progressive: and if accompanied, as they generally are, by increased means, they must give birth to increased industry and skill, and their necessary consequences, increased trade and wealth. ”

“ This thoroughly modern market economy features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, an equitable distribution of income, comfortable living standards, a stable currency, a stable political system, and high dependence on foreign trade. ”

“ Derived, as our public revenue is, in chief part from duties on imports, its magnitude affords gratifying evidence of the prosperity, not only of our commerce, but of the other great interests upon which that depends. ”

“ 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. ”

“ Economy no more means saving money than it means spending money. It means, the administration of a house; its stewardship; spending or saving, that is, whether money or time, or anything else, to the best possible advantage. In the simplest and clearest definition of it, economy, whether public or private, means the wise management of labour; and it means this mainly in three senses: namely, first, applying your labour rationally; secondly, preserving its produce carefully; lastly, distributing its produce seasonably. ”

“ 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. ”

“ 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? ”

“ It means that enlarged production of which we have just spoken, which scatters more goods throughout the community and insures an addition to the real incomes of both laborers and permanent investors. ”

“ I think my initial measure of success is creating or saving 4 million jobs. That's bottom line number one, because if people are working, then they've got enough confidence to make purchases, to make investments. ”

“ As products made in this country compete successfully in world markets, we contribute to the strength and stability of our dollar, the expansion of our industry and fuller employment of our labor force. ”

“ 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. ”

“ My countrymen, it is not alone the volume of money which the people want, but they demand its activity in trade and commerce. If you ask me how this can best be accomplished, I will answer by saying, protect American industries and universal confidence will surely follow. ”

“ The Conditions of Increasing Future Well-being.—The realization of this resultant of all dynamic forces requires that the rate of growth of population should be subject to a natural check, that the increase of capital should not be unduly retarded, that technical [Pg 320] improvements should go on, and that the organization which is effected should be of the kind which makes for efficiency but not for monopoly. Competition must be kept alive. ”

“ There are four great primary forms of business: agriculture, transportation, manufacturing, and mining. As these grow, prosper, and interweave, conditions are created that produce the many other forms of business that have been so successful in this country, — merchandising, banking, insurance, etc., — all essential to progress, but none of which can prosper unless the four great primary occupations prosper, and this they cannot do unless they are fairly treated by the Government and the people. ”

“ 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. ”

“ To these worthy pioneers belongs the credit of laying a secure40 foundation for a trade that from humble beginnings has developed into one of the most prominent industries of the country, requiring extensive capital, liberal business capacity, and one that gives employment to a large, intelligent and skillful class of people. ”

“ Industry, commerce, shipping, and banking concentrated in the narrow area of less than 200,000 square miles, earned yearly returns equal as a rule to the total of the capital invested. Money changed hands rapidly, credits did the work of capital, and the rapid growth of population added large unearned increments to the fortunes of those who owned land or had established themselves in trade. ”

“ 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. ”

“ 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 man who has a dollar in his pocket knows that speculators and gold-gamblers cannot, by some juggle, take five cents or ten cents from its value, in twenty-four hours, as they could a few years ago. The public burdens have been largely reduced. Our exports far exceed our imports, and our balance-sheet with the world shows an immense sum in our favor. The boom of business is heard in the land. The preachers of calamity are out of date. Commerce, industry, enterprise, capital, labor, all feel the impulse of substantial prosperity running through every artery of public and private activities. ”

“ The great wealth created by our enterprise and industry, and saved by our economy, has had the widest distribution among our own people, and has gone out in a steady stream to serve the charity and the business of the world. The requirements of existence have passed beyond the standard of necessity into the region of luxury. Enlarging production is consumed by an increasing demand at home and an expanding commerce abroad. ”

“ There is no purpose to which public money can be more beneficially applied than to the acquisition of a new and useful branch of industry, no consideration more valuable than a permanent addition to the general stock of productive labor. ”

“ The effect of the creation of an immense stock of movable capital, of the opportunities in commerce and industry offered to men of talent, of the immense aid of science to industry, of the opening of new continents and the peopling of them by the poorest and worst in Europe, has been to produce modern mores. ”

“ I have said above, that the acquisition of money, by the sale of industry to strangers, or in return for consumable commodities, was a way of augmenting the general worth of a nation. Now I say, that whoever can transform the most consumable commodities of a country into the most durable and most beneficial works, makes a high improvement. ”