"The first thing we must do is restore hope to the jobless and growth to our economy. But let's be frank. Although the emergency legislation Congress is considering to create jobs and help the unemployed is urgently needed, it will provide work for only a small number of people.
"Unless we change the administration's economic course, burgeoning deficits will plague us for the rest of this decade, keeping interest rates and unemployment unacceptably high. It's time to discard crackpot theories and draw on common sense.
"First, we should coordinate fiscal and monetary policies to calm fears of renewed inflation and restore confidence in our economy's future. We can do this by postponing the third year of the tax cut, passing a Social Security financing package and controlling federal spending. Unless we reduce the administration's deficits, they'll choke off any chance of sustained economic recovery.
"In addition, coordinated economic development and job-training efforts should insure that jobs are available for the workers we train. For those whose previous jobs will never return, this mean retraining, job search and relocation assistance. For high school graduates, it means transition assistance to reduce youth unemployment and improve vocational education for those still in school.
"It means involving private-sector employers and community colleges in programs to provide new skills and basic remedial education. And it means a closer partnership among federal, state and local governments to insure that our employment policies are fair and efficient.
"While those proposals don't constitute a comprehensive economic program, they will get us started. And getting started is half the battle."