Ronald Reagan – “It’s been half a year since the election that charged all of us in this government with the task of restoring our economy. And where have we come in this six months? Inflation, as measured by the Consumer Price Index, has continued at a double-digit rate. Mortgage interest rates have averaged almost 15 percent for these six months, preventing families across America from buying homes. There are still almost eight million unemployed. The average worker’s hourly earnings after adjusting for inflation are lower today than they were six months ago, and there have been over 6,000 business failures.
Six months is long enough. The American people now want us to act and not in half-measures. They demand and they’ve earned a full and comprehensive effort to clean up our economic mess. Because of the extent of our economy’s sickness, we know that the cure will not come quickly and that even with our package, progress will come in inches and feet, not in miles. But to fail to act will delay even longer and more painfully the cure which must come. And that cure begins with the federal budget. And the budgetary actions taken by the Congress over the next few days will determine how we respond to the message of last November 4th. That message was very simple. Our government is too big, and it spends too much.”
Thomas Jefferson – “We must not let our rulers load us with perpetual debt.”
2 Peter 1:5-8 – 5And beside this, giving all diligence, add to your faith virtue; and to virtue knowledge; 6And to knowledge temperance; and to temperance patience; and to patience godliness; 7And to godliness brotherly kindness; and to brotherly kindness charity. 8For if these things be in you, and abound, they make you that ye shall neither be barren nor unfruitful in the knowledge of our Lord Jesus Christ.
On this day in history – In 1794, Eli Whitney was granted a patent for the cotton gin.