Even money abroad, we don't have enough money domestically to finance the debt, so we are now borrowing money abroad, from foreign banks, governments and financial institutions: 40 billion dollars in 1983; 70-80 billion dollars in 1984 -- 40 percent of our total; over 100 billion dollars -- 50 percent of our total -- in 1985. By 1989, it is projected that 50 percent of all individual income taxes will be going just to pay for interest on that debt. The United States used to be the largest exporter of capital, but under Mr. Reagan we will quite likely become the largest debtor nation.
About two weeks ago, on July the 4th, we celebrated our Declaration of Independence, yet every day supply-side economics is making our nation more economically dependent and less economically free. Five to six percent of our Gross National Product is now being eaten up with President Reagan's budget deficits. To depend on foreign military powers to protect our national security would be foolish, making us dependent and less secure. Yet, Reaganomics has us increasingly dependent on foreign economic sources. This consumer-led but deficit-financed recovery is unbalanced and artificial. We have a challenge as Democrats to point a way out.
Democracy guarantees opportunity, not success.
Democracy guarantees the right to participate, not a license for either a majority or a minority to dominate.
The victory for the Rainbow Coalition in the Platform debates today was not whether we won or lost, but that we raised the right issues. We could afford to lose the vote; issues are non-negotiable. We could not afford to avoid raising the right questions. Our self-respect and our moral integrity were at stake. Our heads are perhaps bloody, but not bowed. Our back is straight. We can go home and face our people. Our vision is clear.
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