 is here not our guests but our host I should say ladies and gentlemen the president of the United States thank you thank you all very much please well thank you all very much and welcome to the White House you know I always feel a little odd when I stand over here in the EEOB building and say welcome to the White House but evidently that's kind of consider the same thing here so I've never tried sleeping here but I don't know I know you've had others talking to you and you've had some briefings here today as anyone told you about the figures released at 8 30 this morning by the Commerce Department they haven't goody personal income up in January to 1.1 percent it's been nine-tenths of 1% for the last three months until January disposable income up the same figure and consumption expenditures up 1.2 percent in January also housing starts in January 1.9 million that's almost 15 14.9 percent above December and it's the highest level since December of 1978 and housing permits are 14.4 percent above the December figure for January for new construction well that's probably better than anything else I've got to say well I know how much Ed Pratt and your organization have done to promote free and fair trade and believe me we'll need your help this year if America is to meet her trade challenge for the 80s you appreciate more than most what's at stake a nearly two trillion dollar market abroad the chance to create hundreds of thousands of jobs more income security for people and greater freedom and security for our country now some who fear the future would invoke protectionism I think that would be a terrible mistake trying to protect domestic jobs with high tariffs quotas and subsidies will kill more jobs than it saves it'll raise prices and reduce sales because other countries will retaliate and protecting a few industries at home will only shield them from modernizing their plant and equipment which they must do if they expect to compete in world markets the great English historian Thomas Babington Macaulay wrote more than a century ago that free trade is one of the greatest blessings a government can confer on a people but he said it's unpopular in almost every country well for some times haven't changed as you know there's a hue and cry for us to bend to protectionist measures and we must resist it I've been around long enough to remember that when we did that once before in this century something called smooth holly we lived through a nightmare the Great Depression of the 1930s world trade fell by 60% contributing to that depression and to the political turmoil that led to World War two we and our trading partners are in the same boat and we have to remember that if one partner shoots a hole in the bottom of the boat it doesn't make much sense for the other partner to shoot another hole some people say doing that is getting tough I think it's just getting wet all over we must plug the holes in the boat of open markets and free trade and set sail toward prosperity no one should mistake our determination to use our full power and influence to prevent anyone from destroying the boat and sinking us all there's a fundamental difference between positive support of legitimate American interest and rights in world trade and the negative actions of protectionist free trade can only survive if all the parties play by the same rules we're determined to ensure equity in our markets but defending workers in industries from unfair and predatory trade practices is not protectionism it's legitimate action under U.S. and international law now one example of protectionist legislation that could quickly sabotage recovery however is the local content rule it should be renamed the jobs destruction bill we can't allow that kind of pull up the drawbridge mentality to destroy the progress that we've made so I just hope that you will do everything you can to help us defeat it and every bill like it Americans can be optimistic about our future if we build on our strengths we have tremendous resources and knowledge and science agriculture and high technology I don't know how many of you stopped to consider this but our challenge of building a permanently man space station within the next decade we think can open up an entire new industry for space-based or industries in the plural for space-based entrepreneurs there's a whole new world of exports and products and activities related to space just waiting to be developed for example there are metal alloys and life-saving medicines that may be produced only in a space-based environment we're in a position of leadership and I intend to make sure we do everything we can to retain it and to build on it that's why I've asked transportation secretary Elizabeth Dole to help stimulate private sector investment in commercial unmanned space boosters we need a thriving commercial launch industry and NASA along with other departments and agencies will be taking several initiatives to promote private sector investments so we can keep our lead over foreign competitors the answer to our export challenge is not raising taxes which would harm investment productivity and growth and it's not undermining confidence in the value of the dollar which would reignite inflation and make us less competitive the answer is promoting more free and open trading markets throughout the world giving people incentives and telling government either cooperate or get out of the way now one example of government cooperation we favor is the Export Trading Company Act I know your strong support helped insurance passage and we thank you for that this is the kind of innovative idea that is based on teamwork that can expand exports increase growth lower deficits and spark new jobs and opportunities for our people we're also very grateful for your support in the passage of the Caribbean Basin Initiative the spirit of that legislation is friends helping friends it'll be a collective partnership for peace prosperity and democracy in the Caribbean and in Central America a partnership born of our shared vision that democracy is a God-given birthright and that faith freedom and respect for the dignity of every citizen of the main springs of human progress America's greatest progress has always been made when we had the first the faith to believe in our vision energy in the spirit of our people our message to the world should be straightforward we conquer fear with faith we overcome poverty with growth and we counter violence with opportunity and freedom and that's what we're trying very hard to do our principles have never failed us when we had the courage to live up to them I can't leave you now without telling a little story here I hope it hasn't gotten to you yet but mentioning the Caribbean Basin Initiative has reminded me of it our recent experience in Grenada and incidentally speaking of entrepreneurship they have a t-shirt down there one has been delivered to me those t-shirts are going like hotcakes and they're a t-shirt with the crossed flags of Grenada in the United States and a line underneath that says thank you for saving Grenada the thank our country in America for saving Grenada but this has to do with the story it's true story a young Marine Lieutenant flying a cobra was down there in the Grenada rescue mission and then he went on over to Beirut and after getting to Beirut he sent back a message to the Armed Forces Journal in the Pentagon he said that he noted that every news story about Negrada and Grenada day after day every news story had one line in it the same always it said Grenada produces more nutmeg than any other spot on earth and he decided that the constant repetition of that line must be a code and he had broken the code in six points that he sent back to the Armed Forces Journal number one Grenada does produce more nutmeg than any other spot on earth number two the Soviets and Cubans are trying to take Grenada number three you can't make good eggnog without nutmeg number four you can't have Christmas without eggnog number five the Soviets and Cubans are trying to steal Christmas and number six we stopped them thank you all again for all that you're doing and God bless you all