 I'm speaking to my dear folks. Are you a person of my name? George Martin? Yeah, I know he's great. I like him. Right? Right. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Go ahead. Yeah, okay. Well, those of you who are close, I'll be here by the end of the year. We're going to start this meeting here. The beginning of this meeting, the first thing in the morning, means that I'll be behind in the schedule of the day. So we might as well get started. And I thought I'd start by telling you that at 10 o'clock this morning, the Commerce Department will release the flash estimate of gross national product for the second quarter. We're going to figure out the first quarter in real gross national product. We'll go to the flash figure of rows at an annual rate of 6.6% from the second quarter to 2.6% in the first quarter. This is in line with what private forecasters have recently been expecting and we ourselves have been looking forward to. Now, the count of the business of the day is following that. I think that all of the key capital signs are pointing to a strong equity. And we also have the second quarter. Flater numbers and digital demonstrations are in control of inflation. But these are just two of the most recent examples. I think the economic game plan is working. As Paul Walker said on Saturday, we now have a rare opportunity to achieve sustained growth in the foundation of stability. I already meant that. He means to stay the course. What's needed to reinforce recovery is more determination on the part of all of us to curtail budget deficits by spending control and not by raising taxes. The Democrats' proposal to cap the third year of the tax cut was not only politically misguided. It's substantive wrong. The apparent tax increase would get not only the wealthy, but significantly millions of middle income tax payers, two-year married couples, and 2.4 million small businesses including 350,000 family farms. Matter of fact, I know you've seen some of the figures, but I used one in Mississippi yesterday. It was a magic $50,000 breaking point that they like to point that $50,000 a year you're automatically up there. Well, if that was true in 1973, then in 1983, that dividing point would have to be $113,843. That's what inflation has done. The magic $50,000 figure, a deficit figure, it is right back down there with the middle income earners. And 48% of the savings, or the increase, I should say, under the cap would fall on people below $50,000. The husband and wife and the average family $32,000 a year would move from a 33% bracket to a 37% under tips cap. Now, as far as the budget resolution conference report goes, I have to say I don't think it goes far. I simply don't control spending. It doesn't control spending. It raises taxes. The recovery gains force and the short changes are an eventual ability. And I just, as far as I'm concerned, it's totally unacceptable to me. Finally, the conference on supplementalness should be scale back one and a half billion dollars in domestic add-ons containing the seventh version. I think that drastic surgery in the domestic side is necessary to get signed. And now, before you all scream and rage, I want to ask John Friedman to say a few words about the tips tax cap. And Dave Stockman then on the budget resolution before turning to Bob and Howard. The courage between business volunteers to go first. How much smaller would the deficit be if we had more of that attitude asking non-profit for us than what we can do for us? We could never have accomplished what we have without his and your. It's the gateway to opportunity for those who want a piece of the American dream. One of the most exciting trips in our country is the surge in numbers and size of businesses at the recommendation of the Small Business Administration. We have reactivated the Kitter Agency Committee on Women's Business Enterprise. And we will appoint up to 15 members with particular knowledge and expertise in women's participation in business. Dave O'Hough in his book, Wellington's Property. George Gilder wrote something about the entrepreneurs that I long believe. He said that most contribute far more to society than they ever recovered. And most of them with no riches at all. They are the heroes of people that in terms of profit they anticipate and deliver what consumers want. They must risk their money with investments. The truth is, the four entrepreneurs can take was praised, but the rich who lord their wealth are constantly reviewed to description. I believe we're meant to use wisely what is ours, make and grow, then help others to treasure the mind and spirit. Oil is worthless until entrepreneurs with ideas and the freedom and faith to take risks manage to locate, extract it, and put it to work for humanity. Someday, oil itself will be replaced with Washington Carter, as God will explain the mysteries of his universe. According to that book, God said, little man, you're not big enough to know the secrets of my universe. I'll show you the secret. It became a stream of food and products that helped revolutionize Southern India and all because the investment to give some knowledge in the God of giving in the spirit of giving to his fellow man. The principle is of impoverished therapy. Communism works only in heaven where they don't need it in hell where they've already got it. They need incentives to save, to invest, to take risks so more wealth will be created at every level of our society. To save us a higher rate of return, we deregulate financial institutions. We've introduced strong new incentives for individual retirement accounts, extended IRAs to participants and employers sponsored editors who will be coming up in 1985 when 15% of interest income up to $450 for single taxpayers and $900 for married couples can be a small real hope for our future. These are the dollars in research funds to high-tech firms that the Paperwork Reduction Act and the Regulatory Flexibility Act will help you with firms and you may see nothing more so they can spend $3 in one fell swoop. Funny how they all forgot about that but it takes a greater leap of faith to trust the motivation and wisdom of the self-proclaimed champions of fairness who are now attacking the middle class and make no mistake capping the third year would raise taxes on millions of two earner couples earning less than $50,000 than may games mean would consider itself rich. Let's remember that just to keep up with this question we have to double its income in the last 10 years the couple which earns $35,000 deserve our freedom in the last 10 years.