Home > 1994 Presidential Documents > pd11jy94 Remarks on the Upcoming Economic Summit...

pd11jy94 Remarks on the Upcoming Economic Summit...

Web GovRecords.org

[Weekly Compilation of Presidential Documents]

[Page i-ii]
Monday, July 11, 1994
Volume 30--Number 27
Pages 1397-1449

[[Page i]]

Weekly Compilation of



[[Page ii]]

Addresses and Remarks

    See also Meetings With Foreign Leaders
    Economic summit--1418
    Independence Day celebration--1409
    Mark Twain Memorial Lighthouse, teleconference on rededication--1401
    Presidential Scholars Awards presentation ceremony--1397
    Radio address--1399
    Riga, Latvia--1427
    Warsaw, Poland
        Children's Memorial--1434
        Polish Parliament--1431

Bill Signings

    Federal Housing Administration legislation--1422
    Transportation legislation--1422

Communications to Congress

    Cyprus, letter transmitting report--1435
    Future free trade area negotiations, letter transmitting report--

Communications to Federal Agencies

    Assistance to Haitian refugees, memorandum--1403

Interviews With the News Media

    Exchanges with reporters
        Riga, Latvia--1423
        Warsaw, Poland--1428
        Foreign journalists--1404
        Klaus Walther of ZDF German television--1403
        Polish media--1412
        Tomasz Lis of Polish television--1410
    News conferences
        July 6 (No. 60) with Baltic leaders in Riga, Latvia--1423
        July 8 (No. 61) with Prime Minister Murayama of Japan in Naples, 
        July 8 (No. 62) in Naples, Italy--1438

Meetings With Foreign Leaders

    Estonia, President Meri--1423
    Japan, Prime Minister Murayama--1435
    Latvia, President Ulmanis--1423, 1427
    Lithuania, President Brazauskas--1423
    Poland, President Walesa--1428, 1430

Statements by the President

    See also Bill Signings
    Alabama flooding--1446
    Colorado fires--1446
    Georgia flooding--1435, 1446
    Radio Free Europe and Radio Liberty headquarters relocation--1423
    Senate action on health care reform legislation--1402

Supplementary Materials

    Acts approved by the President--1449
    Checklist of White House press releases--1448
    Digest of other White House announcements--1446
    Nominations submitted to the Senate--1447

Editor's Note: The President was in Naples, Italy, on July 8, the 
closing date of this issue. Releases and announcements issued by the 
Office of the Press Secretary but not received in time for inclusion in 
this issue will be printed next week.

    A semiannual index to issues 1-26 is being printed under separate 
cover and distributed separately.


Published every Monday by the Office of the Federal Register, National 
Archives and Records Administration, Washington, DC 20408, the Weekly 
Compilation of Presidential Documents contains statements, messages, and
other Presidential materials released by the White House during the 
preceding week.

The Weekly Compilation of Presidential Documents is published pursuant to
the authority contained in the Federal Register Act (49 Stat. 500, as 
amended; 44 U.S.C. Ch. 15), under regulations prescribed by the 
Administrative Committee of the Federal Register, approved by the 
President (37 FR 23607; 1 CFR Part 10).

Distribution is made only by the Superintendent of Documents, Government
Printing Office, Washington, DC 20402. The Weekly Compilation of 
Presidential Documents will be furnished by mail to domestic subscribers 
for $80.00 per year ($137.00 for mailing first class) and to foreign
subscribers for $93.75 per year, payable to the Superintendent of 
Documents, Government Printing Office, Washington, DC 20402. The charge 
for a single copy is $3.00 ($3.75 for foreign mailing).

There are no restrictions on the republication of material appearing in 
the Weekly Compilation of Presidential Documents.

[[Page 1397]]

[Weekly Compilation of Presidential Documents]

[Page 1397-1399]
Monday, July 11, 1994
Volume 30--Number 27
Pages 1397-1449
Week Ending Friday, July 8, 1994
Remarks at the Presidential Scholars Awards Presentation Ceremony

July 1, 1994

    Thank you. Thank you, please be seated. Secretary Riley and Barbara 
Holt; members of the Commission on Presidential Scholars; most 
important, to all of you who have won these awards and to your family 
members, your teachers who are here, to your friends, I look forward to 
this event very much every year. And I am delighted to be here with you 
today and to look out at your faces and to imagine your futures. I don't 
see how anybody could be too concerned about the future of this great 
country, looking at you, reading your records, knowing what you have 
    Today, I also think we should reflect upon the God-given potential 
of all of our young people in this country and the importance that the 
rest of us must attach to providing the greatest education we possibly 
can, not only to those of you who have been outstanding always and who 
have won this extraordinary recognition but to all of the people in this 
society on whom the rest of us will depend to maintain America's 
    This administration has worked very hard to try to do everything we 
could to give the American people the tools they will need to go 
confidently into the 21st century. I have spoken a great deal since I 
have been President about the importance of family and community, of 
work and responsibility. These things have a great deal to do with your 
future and the future of America.
    When I sought this office, I did it because I was concerned about 
the direction of our country, both economically and in terms of our 
community. I was afraid we were coming apart when we ought to be coming 
together. We seemed to be going in so many ways in the wrong direction. 
I had a strategy that was clear in my own mind for what we ought to do 
for the economy. I've been thinking a lot about it because, as some of 
you know perhaps, I will be leaving on July 5th to go to Europe for a 
meeting of the G-7, the world's largest industrial countries. And as I 
think back over the last year and a half, I can go to this meeting with 
a great deal of pride.
    We have 40 percent of the income of the world's largest industrial 
countries. But we've had 75 percent of the growth, created 100 percent 
of the new jobs. By cutting spending, by bringing our deficit down, by 
reducing the size of our Federal work force, by providing incentives for 
small business and working families, we've been able to create 3 million 
new jobs, reduce unemployment by 1.7 percent, have 3 years of deficit 
reduction for the first time since Harry Truman was President--none of 
you were born then--the last time America brought its deficit down 3 
years in a row.
    But if we do all those things, it still won't be enough unless we 
empower our people to make the most of their lives as we move toward the 
21st century, a time when information will double rapidly every few 
years, a time when the average person will change jobs seven or eight 
times in a lifetime. The whole question is whether all these changes 
will be friendly to most Americans or terribly, terribly threatening.
    Indeed, one of the main reasons I have fought as hard as I have for 
guaranteed health coverage for all Americans is that that will make our 
families more secure in the face of all these changes. But in the end, 
how well we do will be determined by how well we educate our people and, 
in the end, how well our people are capable of reeducating themselves. 
That's what Goals 2000 is all about. That's what the school-to-work 
transition bill is all about. And now today it has been announced what 
the consequences and the mechanisms will be for reordering the student 
loan program, something that was very important to me when I ran for 

[[Page 1398]]

    I'd like to talk a little bit about that. I became very concerned 
when I was a Governor about the number of young people in my State who 
would go to school and drop out not for academic reasons but for 
financial reasons and the number of young people who said that they 
could no longer go to college because, believe it or not, in the 1980's 
the cost of a college education was just about the only really important 
thing that increased even more rapidly than the cost of health care.
    And so, we began to look at what options were available for opening 
the doors of college to all Americans. And one of the things that became 
clear to me is that the student loan program cost too much and the 
repayment terms were too stiff for a lot of our younger people, 
particularly if they wanted to go into work which might be immensely 
rewarding, terribly valuable to our society, but not particularly rich 
in terms of the salaries that were paid.
    So we decided to change the way the college loan program worked and 
to go to something called direct lending. The Secretary of Education had 
primary responsibility for figuring out how we would do that. Our new 
program means lower interest rates for college loans, lower fees, and 
much better repayment terms with the option for young people to string 
out their repayment over several years and to pay loans back based on a 
percentage of what they earn after they get out of college, not simply 
based on how much they had to borrow to afford the education that they 
    It also means $4.3 billion in savings for taxpayers. During this 
first year we're going to make $1 billion in direct loans at over 100 
institutions of higher education. We've also designed the program so 
that 20 million young Americans who took out $50 billion in loans under 
the old system can switch to the new system. That is, if they want to 
pay back their loans at a lower interest rate over a longer period of 
time based on how much money they're making rather than how much they 
borrowed, they'll be able to do that.
    Well, we're going to lay out the details of how this will work in 
the next couple of weeks. But the point I want to make is this. It's a 
great thing when gifted young people can have ample scholarships to go 
to college. But we now know that we need 100 percent of our young people 
to finish high school and to get at least 2 years of further education 
if they're going to have a good chance to land a productive job with 
growing income prospects, not shrinking income prospects.
    And we also know that in every wealthy country in the world--this is 
something you'll have to worry more about than I have, when you're my 
age--there is a diversion in income. In other words, there is a widening 
gap between the wealthy and the poor within the wealthy countries. We 
know of no other way at this time to turn that around, other than to 
dramatically increase the education and skill levels of all of our 
people. Education is the great equalizer. It will change the job mix in 
    So, I congratulate you here. I ask you to maintain your personal 
commitment to giving this country the kind of education system it needs 
to guarantee that every young American will be able to live up to the 
fullest of his or her God-given capacities and be able to have the tools 
needed to guarantee the security and the strength of our middle class 
way of life well into the next century.
    I also want to say one last thing in closing. This is a celebration 
not only of academic achievement but of creative ability and concern for 
others. Perhaps the signature program of this administration, when the 
history of our time here is written, will be the AmeriCorps program, the 
national service program, sort of a domestic Peace Corps, that this year 
will involve 20,000 young Americans working in community service and 
earning money against their further education. And the year after next, 
if we can just keep the funding up, we'll have 100,000 young Americans 
doing that, revolutionizing life at the grassroots level. To give you an 
idea, the equivalent of that in my time was the Peace Corps, which 
President Kennedy launched and which captured the imagination of every 
American. But there were never more than 16,000 young Americans in the 
Peace Corps in any given year. And we'll have 100,000 year after next. 
Why? Because learning is important, but giving is important as well.

[[Page 1399]]

    I want to recognize, if I might, just one of the scholars who's 
here. We could recognize many. But I wanted to mention one, not because 
she deserves to be mentioned over the rest of you but because everybody 
here and everyone within the sound of my voice needs to get the flavor 
of the extraordinary quality and character of the young men and women we 
honor today. Jessica Luterman, of Staples High School in Westport, 
Connecticut, organized a portable art therapy program for geriatric 
patients called Art On Wheels, which is now permanent. She did this 
while being an all-State athlete, a member of the All-USA Academic First 
Team, serving on the boards of her YWCA and the United Way. That's what 
we need more of in America. Stand up, Jessica. Where are you? Stand up. 
Give her a hand. [Applause]
    Like I said, if you all would just remember what got you here today 

Pages: 1 2 3 4 5 6 Next >>

Other Popular 1994 Presidential Documents Documents:

1 pd03oc94 Memorandum on Haiti...
2 pd18jy94 The President's News Conference With Chancellor Helmut Kohl in Bonn,...
3 pd27jn94 Remarks and an Exchange With Reporters Prior to Discussions With...
4 pd05de94 Statement on Action in the House of Representatives on the General...
5 pd31ja94 Exchange With Reporters...
6 pd14no94 Contents...
7 pd20jn94 Checklist of White House Press Releases...
8 pd19de94 The President's News Conference in Miami...
9 pd05se94 Statement on Withdrawal of Russian Forces From Eastern Europe...
10 pd24ja94 Joint Statement on Non-Proliferation of Weapons of Mass Destruction and...
11 pd10oc94 Contents...
12 pd22au94 The President's News Conference...
13 pd04ap94 Exchange With Reporters in Dallas, Texas...
14 pd07mr94 Checklist of White House Press Releases...
15 pd13jn94 Remarks at a Dinner Hosted by President Francois Mitterrand in Paris...
16 pd18ap94 Remarks in a Town Meeting in Minneapolis...
17 pd12se94 Statement on the Cuba-United States Agreement on Migration...
18 pd25jy94 Statement on the Senate Judiciary Committee Vote on Supreme Court...
19 pd04jy94 Acts Approved by the President...
20 pd16my94 Proclamation 6684--National Walking Week, 1994...
21 pd28mr94 Remarks to Health Care Providers...
22 pd10oc94 Message to the Congress Transmitting the Report of the Federal Labor...
23 pd25ap94 Exchange With Reporters Prior to Discussions With Prime Minister Andreas...
24 pd21mr94 Memorandum on the White House Conference on Small Business...
25 pd11jy94 Remarks on the Upcoming Economic Summit...
26 pd17oc94 Remarks on Signing the Federal Acquisition Streamlining Act of 1994...
27 pd29au94 Executive Order 12924--Continuation of Export Control Regulations...
28 pd26de94 Letter to Congressional Leaders Transmitting the Notice on Libya...
29 pd21no94 The President's News Conference in Jakarta, Indonesia...
30 pd26se94 Letter to Congressional Leaders on Haiti...

Other Documents:

1994 Presidential Documents Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions


1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy