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By Richard M. Whiting

Thank you very much for that introduction. I spent part of my early career in the coal industry here in Colorado, and I am always happy to return. In such a beautiful setting, it seems out of place to talk about "Improving the Climate". But in our work-a-day worlds, we know the climate for the coal industry is something less than picture perfect. But unlike Mother Nature's climate, there are some things we can do about the climate for coal. Today, I want to talk to you about sonic of the activities that we are engaged in... and that you can support... to improve that climate. A number of challenges and opportunities face our industry. I will try to set the stage for this conference by briefly describing the current climate for coal - which is indeed very challenging. I will then outline some of the steps we are taking to broaden our base to include our allies in the rail and electricity industries and the public at large.

Jan 1, 2000

[W. R. Abbott, 11o8 First National Bank Bldg., Denver, Colo. L. E. Adams, 817 Newhouse Bldg., Salt Lake City, Utah. Herbert Addison, Big Horn Colliers Co., Denver, Colo. Richard V. Ageton, Brighton Mich. John Alexander, Dacona, Colo. C. A. Allen, 448 Capitol Bldg., Salt Lake City, Utah. David Allen, Lafayette, Colo. John Allen, Ludlow, Colo. Thomas Allen, Mt. Harris, Colo. Gerald Alley, C. F. & I. Co., Pueblo, Colo. Archie Allison, Box 562, Walsenburg, Colo. D. S. Allison, 56 W. 6th South Street, Salt Lake City, Utah. Park Allison, Box 94.0, Rock Springs, Wyo. Howard R. Allonier, care Lunkenheimer Co., Cincinnatti, Ohio. J. B. Ambler, care Ambler & Riter, Engineers, Salt Lake City, Utah. A. F. Anderson, 403 Ideal Bldg., Denver, Colo. W. K. Anderson, 4.23 East Yampa Street, Colorado Springs, Colo. Sam Andrews, 503 Pike Avenue, Canon City, Colo. Jos. Angster, Farr, Colo. William Angus, Somerset, Colo. Joseph Appleton, Ironton Engine Co., Ironton, Ohio. Victor Arnoldi, Ideal, Colo. John Arnott, Crested Butte, Colo. R. M. Atmore, Swastika, N. M. W. H. Backman, 1601 Alcott Street, Denver, Colo. Edward E. Barrett, Roberts & Schaefer Co., Chicago, Ill. G. F. Bartlett, 311 Ernest & Cranmer Bldg., Denver,, Colo. C. S. Beach, Kemmerer, Wyo. Thos. Bertram, Box 134?, Oak Creek, Colo. Charles Beuchat, Pryor, Colo. John Bevan, 1625 North Corona Street, Colorado Springs, Colo. James L. Bisch, Van Houton, N. M. Jos. Bodner, Oak Creek, Colo. A. H. C. Boissier, 302 E. & C. Bldg., Denver, Colo. John M. Bopp, 1615 Walker Bank Bldg., Salt Lake City, Utah. Edward Bottomley, Carneyville, Wyo. James V. Bowen, Union Coal and Coke Co., Denver, Colo. Alex R. Bowie, Bowie, Colo. John S. Bowie, Bowie, Colo. Wallace D. Bowie, Bowie, Colo. W. J. Bowns, Castle Gate, Utah. L. Brandenburger, 59 West Broadway, Salt Lake City, Utah. James Brennan, Primero, Colo. W. D. Brennan, Dawson, N. M. Burt B. Brewster, 704 Kearns Bldg., Salt Lake City, Utah. A. L. Brockman, Sugarite, N. M. Alex. J. Brooks, Supt. Hastings No. 5 Mine, Hastings, Colo. Edward Brooks, Sweetwater, Wyo. E. S. Brooks, Rock Springs, Wyo. D. W. Brown, Rocky Mountain Fuel Co., Denver, Colo. L. E. Brown, 1212 Walker Bldg., Salt Lake City, Utah. Mark Y. Brown, 629 East Main Street, Trinidad, Colo. H. H. Bubb, Carbon Coal and Coke Co., Cokedale, Colo. W. H. Bullock, 1052 Gas and Electric Bldg., Denver, Colo. Thomas B. Burnite, 523 Boston bldg., Denver, Colo.]

Jan 1, 1921

By Steve Leer

Pick then introduced the convention keynote speaker, Steven Leer, President and Chief Executive Officer of Arch Coal. Following the morning coffee break, Pick introduced Howard Goodman to present the Fourth Annual Safety Awards. [ ]

Jan 1, 2001

Amercable, Inc. Andalex Resources, Inc. ARCO Coal Company Behre Dolbear & Company, Inc. Colowyo Coal Co. L.P. Continental Conveyor & Equipment Company Crane & Hoist Sales Crested Butte Mountain Resort Cyprus Amax Coal Co. Energy West Mining Company The Falkirk Mining Company Fleischli Oil Co. Inc. Halbach & Braun Industries Hemscheidt Corporation GH Henley Industries Ingersoll-Rand Co. Jennmar Corporation Joy Technologies, Inc. K & P Sales Engineers, Inc. Kennametal, Inc. Kerr-McGee Coal Corporation L & H Welding & Machine Co. McLanahan Corporation National Coal Association The North American Coal Corporation Northwestern Resources Company Peabody Western Coal Company Phillips Machine Service Pincock Allen & Holt Ramsey Technology, Inc. Rust Tractor Company Salt River Project Schroeder Industries Stamler Corporation TerraMatrix TIC (The Industrial Company Wyoming, Inc.) Trapper Mining Inc. Wagner Equipment Company Western Energy Company Wheeler Machinery Company

Jan 1, 1994

The 66th Regular Meeting of the Rocky Mountain Coal Mining Institute convened in the Opticon Theatre, Snowmass-at-Aspen, Colorado, and was in session at 10:00 a.m. The meeting was called to order by Past President, Stanley C. Shubart, Secretary-Treasurer, Schloss & Shubart, Inc., Denver, Colorado. Mr. Shubart welcomed the guests and was pleased at the large attendance, in view of the fact, that the site for the convention had to be changed at the last minute from the Stanley Hotel in Estes Park to Snowmass-at-Aspen. He stated that Joe Ward, our General Chairman, could not be present due to the serious illness of his wife, Thelma. He called on Bob Wilson, Chairman of the Registration and Hotel Committee, to give his report on applicants for membership since the last meeting. Mr. Wilson stated that there were 89 applicants and 242 registrations, an all-time record. A list of new members follows.

Jan 1, 1970

[President Vernal Mortensen Vice Presidents Colorado Charles W. Margolf Montana Art K. Neill New Mexico Robert Diederick North Dakota James A. Brown Utah Bernard Bernstrom Wyoming John T. Goodier Secretary-Treasurer Doris G. Finnie Executive Board Roy Coulson A. Z. Dimitroff Claude P. Heiner J. R. Kastler Loren V. Linville Shirl C. McArthur Ira E. McKeever, Jr. Ralph E. Moore Robert E. Murray V. O. Murray George A. Nugent John Peperakis John A. Reeves Max A. Robb Joe T. Taylor R. M. von Storch R. R. Williams, Jr. Robert W. Wilson Mike Zakotnik, Jr. Edward F. Ziolkowski]

Jan 1, 1982

Jan 1, 1930

By M. H. Forester

The Bituminous Coal Industry has for the past year been faced with a most serious problem. I am sure that you have had your own individual and local problems, as do we all. In my thirty years of practical experience with coal mining, I have never found an operating man nor a coal mine without problems. The very nature of mining, with so many unknown factors involved, precludes the absence of problems. But they are not insurmountable, and one should not dwell on them interminably. They should be recognized as a challenge to our ability and ingenuity to solve them, and once the proper solution is found, it should be applied and the problem dismissed. However, we find ourselves at the moment in the midst of a serious challenge to our very existence. In the early thirties, many in the industry welcomed the re-establishment of Unionism as a balance wheel, in the belief that the stabilization of wage scales would also stabilize prices and eliminate disastrous price cutting practices. The ultimate effects of having twenty-six years of benevolent paternalism in the administrative branches of Federal and State Governments with their labor courting policies, could hardly have been anticipated. And so with wages spiralling under government sponsorship, we have finally reached the point where competitive fuels, such as natural gas and oil are more attractive to the consumer, from the economic angle of cents per BTU cost, than coal.

Jan 1, 1953

By Bill Reid

Jan 1, 2007

[Addison, Herbert Big Horn Colleries Co., Colo. Bldg., Denver, Colo. Aleshire, N. C c-o Roberts & Schaefer Co., Wrigley Bldg., Chicago, Ill. Alexander, John Dacona, Colo. Allan, David Lafayette, Colo. Allen, John Ludlow, Colo. Allen, Thomas Box 420, Glenwood Springs, Colo. Alley, Gerald C. F. &I. Co., Pueblo, Colo. Allison, ArchieBox 562, Walsenburg, Colo. Allison, D. S 1331 Roberta St., Salt Lake City, Utah Allison, Park Engineer, Standard Coal Co., Standardville, Utah Allonier, Howard R c-o Lunkenheimer Co., Cincinnati, Ohio Ambler, J. B c-o Ambler & Riter, Kearns Bldg., Salt Lake City, Utah Anderson, A. E 403 Ideal Bldg., Denver, Colo. Andrews, Sam 503 Pike Ave., Canon City, Colo.. Angster, Joe Walsen, Colo. Angus, William B. W. Snodgrass, 1575 Lafayette St., Denver, Colo. Apperson, A. B Tramway Bldg., Denver, Colo. Armstrong, C. D Apperson Vallery Co., Tramway Bldg., Denver, Colo. Arnoldi,, Victor Ideal, Colo. Autrey, J. S Perrenaud Apts., Denver, Colo. Bachman, W. H 1601 Alcott St., Denver, Colo. Bailey, R. E Utah Power & Lt. Co., Kearns Bldg., Salt Lake City, Utah Baird, Elmer A Equitable Bldg., Denver, Colo. Bartlett, G. F 311 Ernest & Cranmer Bldg., Denver, Colo. Baxter, John M 3748 Lafayette St., Denver, Colo. Becker, J. A Box 682, Rock Springs, Wyo. Beebe, John. D 1414 Court Place, Denver, Colo. Bennett, F. C Colorado Fuel & Iron Co., Berwind, Colo. Benson, Geo Cumberland, Wyo. Betcher, B. L Standardville, Utah Beuchat, Charles Pryor, Colo. Bevan,John 1625 North Corona St., Colorado Springs, Colo. Bisch, James L Van Houten, N., M. Boissier, A. H. C Boston Bldg., Denver, Colo. Bottomley, Edward Kleenburn, Wyo. Bowen, James V Union Coal & Coke Co., Colorado Bldg., Denver, Colo. Bowie, Alex R Bowie, Colo. Bowie, John S Bowie, Colo. Bowie, Wallace D Bowie, Colo. Bowns, W. J Castle Gate, Utah Boyer, F. E 631Jackson St., Denver, Colo. Boyle, Chas Sweetwater, Wyo. Brandenburger, L 59 W. Broadway, Salt Lake City, Utah Brennan, W. D Dawson, N. M. Brewster, Burt B Walker Bank Bldg., Salt Lake City, Utah Brockman, A. L Sugarite, N. M. Brooks, Ed 513 Second St., No. 1 Hill, Rock Springs, Wyo. Brown, Geo. A Cumberland, Wyo. Brown, L. E :.1212 Walker Bldg., Salt Lake City, Utah Brown, Mark Y 629 East Main St., Trinidad, Colo. Bubb, H. H Cokedale, Colo. . Bullock, W. H 1052 Gas & Electric Bldg., Denver, Colo. Bunning, P. C Rock Springs, Wyo. Burnite, Thomas B 523 Boston Bldg., Denver, Colo. Butler, T. H Hanna, Wyo.]

Jan 1, 1924

ACM Equipment Sales Co. ACM/ICM Andalex Resources, Inc. ARCO Coal Company Behre Dolbear & Company, Inc. Coastal State Energy Company Colowyo Coal Co. L.P. Commercial Testing & Engineering Company Continental Conveyor & Equipment Company Crane & Hoist Cyprus Amax Coal Company Dakota Coal Company Driltech Inc. Empire Machinery Energy West Mining Company Fleischli Oil Company Inc. Halbach & Braun Industries Hemscheidt Corporation GH Hensley Industries Ingersoll-Rand Company Jennmar Corporation Joy Technologies, Inc. K & P Sales Engineers, Inc. Kennametal, Inc. Kerr-McGee Coal Corporation LeTourneau,Inc. Long-Airdox Company Magnum Metals, Inc. McLanahan Corporation Morgantown Machine & Hydraulics Morrison Knudsen Corporation National Mining Association The North American Coal Corporation Peabody Coal Company Phillips Machine Services, Inc. Pincock Allen & Holt Powder River Coal Co. Ramsey Technology, Inc. Rust Tractor Company Salt River Project Savage Industries Inc. Stamler Corporation Tamarron Resort TerraMatrix Inc. Texaco Lubricants Company TIC (The Industrial Company Wyoming, Inc.) Trapper Mining Inc. Wagner Equipment Comp any Western Energy Company Wheeler Machinery Company

Jan 1, 1995

By Christopher Blazek

Presentation Overview ?2005 Train Derailments ?BNSF Investigation and Remediation ?BNSF Test Program ?Test Results ?BNSF Dust Control Goals ?National Coal Transportation Study ?Comparison of Different Topper Agents ?What Constitutes a Topper Program

Jan 1, 2008

Business meeting was opened at 9:30 a.m., June 28, 1967. President James Westfield asked that the meeting come to order. "We have some business to be taken care of this morning. First, we will have a report from the Auditing Committee." Mr. W. S. Landers read the report and said that it had been audited and approved and the motion was made and seconded that it be accepted. It was accepted unanimously. (See Index for Treasurer's Report.) The Resolutions Committee Report was read by Mr. Cliff Artis as follows:

Jan 1, 1967

The Third Session of the Forty-Sixth Meeting of the Rocky Mountain Coal Mining Institute convened at the Hotel Colorado, Glenwood Springs, Colorado, June' 20, 1950, at 9:30 a.m., G. E. Sorenson, President, presiding. PRESIDENT SORENSON: The meeting will come to order. To refresh your memory, I will read off the names of the people on the various committees. President Sorenson read off the names on the committees. Mr. Whiteside, do you wish to make an announcement? MR. WHITESIDE: Yes, I would like to 'say a word. .4s you know, this afternoon you will be on your own, and I think some would like to go to Rifle. I wonder if we could get a vote on that now as to how many would like to go to Rifle, as they at Rifle would like to know so they can provide conveyances. There seems to be about 14 or 16 that would like to go to Rifle.

Jan 1, 1950

[Participating Scholarship Colleges and Universities 154 ACZ 149 AmerCable,Inc 144 Andalex Resources, Inc 118 Behre Dolbear & Company, Inc 101 Canyon Fuel Company 145 Commercial Testing & Engineering Company 95 Continental Conveyor 148 Cove Shoes 136-137 Crane & Hoist Sales Inc 121 Crested Butte Mountain Resort 134 Cyprus Amax Minerals Company 115 Dakota Coal Company DriltechInc 135 Empire Machinery Company 94 Energy West Mining Company 122 Fluor Daniel 100 GH Hensley Industries 126. 127 Hitachi Construction Machinery (America) Corp 123 Holme, Roberts & Owen 98 Honnen Equipment Company 150 Ingersoll-Rand Company 141 Jennmar Corporation 142 Joy Mining Machinery - A Harnischfeger Industries Company 104 K & P Sales Engineers, Inc 114 Kennecott Energy Company 155 Kerr-McGee Coal Corporation 96 LeTourneau,Inc 160 Long-Airdox Company 112 Magnum Metals, Inc 133 McLanahan Corporation 129 Mine Technik America 124 Mineral Tech 151 Morrison Knudsen Corporation 97 The North American Coal Corporation 130 Northwestern Resources Company 125 P&H MinePro Services 157 Peabody Western Coal Co 131 Phillips Machine Service, Inc Pincock Allen & Holt 120 Powder River Coal Company 107 Pyro-Chem 156 RamseyTechnology, Inc 119 Rust Tractor Company 90 Salt River Project 91 Savage Industries Inc 89 Schroeder Industries 147 Sheraton Steamboat Resort and Conference Center 111 Skelly & Loy 138 Snowmass Village at Aspen 146 Stamler Corporation (An Oldenburg Group Company) 117 Tamarron Hilton Resort 140 TerraMatrix Inc 139 TIC (The Industrial Company of Wyoming, Inc.) 99 Trapper Mining Inc 106 Wagner Equipment Company 116 Weir International Mining Consultants 113 Westech 152 Wheeler Machinery Company 128]

Jan 1, 1997

By Chris Curfman

Sustaining Business in a Rapidly Changing Environment Topics: ?Sustainability @ Caterpillar ?Workforce Management ?Regulatory Environment & the Reality of living in a Carbon Constrained World

Jan 1, 2008

By Lloyd Garrison

The Garrison Automatic Domestic Stoker is a device intended primarily for residences and small apartments. In the development of the device com- [ ] mercial features have been given as much consideration as have engineering features. As a result of this consideration the stoker is well within the reach of the middle class buyer as regards price, while at the same time it possesses all of the features of comfort, economy and convenience which accompanies this type of stoker. The stoker is of the over feed type and uses the natural draft of the furnace. A 1/12 H.P., 1,800 R.P.M., motor drives a small worm gear unit through [ ] grooved pulley and rubber belt, effecting a speed reduction from 1,800 to 6 R.P.M. The gear shaft drives a slide situated in the bottom of the coal hopper that causes the coal to be deposited on a link belt chain which carries it through a trough and drops it on the grate. Use of a screw feed has been purposely avoided because of

Jan 1, 1925

PRESIDENT MOSES.: The meeting will please come to order. Will you kindly state your names prior to making any statements, in order that we may deep the record straight? The first paper this morning is a joint one on vocational training, by D. W. Rockey, H. A. Tiemann and Wm. Moorhead. Mr. Rocdey. (Applause.) D. W. ROCKEY (State Superintendent, Industrial Education, Santa Fe, New Mexico) (Mr. Rocdey's notes not received in time for publication.) MR. TESCHER: I would like to ask you, Mr. Rocdey, you say you gave the Phelps-Dodge Corporation financial assistance; to just what extent was the State obligated, and how much assistance was given, etc.?

Jan 1, 1927

By Peter B. Lilly

Thank you, Tom, I appreciate that generous introduction - and your generous welcome. When Doris Finnie asked me to speak here today, my decision to join you couldn't have been easier - for two reasons. First, I can't say no to an opportunity to return to Steamboat Springs. My family has wonderful memories of skiing here. And this time of year, golf in the mountains is so good you almost don't miss the skiing. The second reason this was such an easy decision is that The Rocky Mountain Coal Mining Institute is such an important forum for the coal industry, and it's certainly important to Peabody. We have mines in five western states - Arizona, Colorado, Montana, New Mexico and Wyoming. Last year, our western mines produced more than 110 million tons of coal. That's about two-thirds of our total domestic production. So western states are obviously critical to us. A couple of weeks ago, the west became even more significant to Peabody. Of course, I'm speaking of PacifiCorp's planned acquisition of The Energy Group - including Peabody - announced the middle of this month. Admittedly, when I agreed to speak here - some months ago - I had no idea just how much change Peabody would face in this relatively brief period. Still, not knowing then about the PacifiCorp announcement, I chose change as the subject for this talk. I'll update you on our recent news. But, first I want to establish a broad context for the PacifiCorp/Energy Group announcement and other change in the electricity business, change here in the United States and all over the world. ? We'll see how change is driven by two major trends - privatization in emerging markets and deregulation in mature markets, In turn, those two trends will cause ever-increasing consolidation - in both the coal industry and the broader power industry. ? After outlining those trends, I'll discuss the change that will dramatically affect Peabody following the announcement a week ago that PacifiCorp and The Energy Group intend to join forces to create one of the world's largest international integrated energy companies - an event that adds considerable credibility to the prophesies I'll outline in my remarks today. ? Finally, I will discuss an issue that threatens our industry's future - and, indeed, the economic future of all Americans. That issue is the inappropriate response to the unproven possibility of global climate change. Let's set the stage for change. And let's begin with the first trend I mentioned - the trend to privatization in developing economies. What drives the trend to privatization? Economics. It's all about the supply and demand of capital. And the engine that drives the supply/demand ratio is growth in electricity demand - tremendous growth in demand in developing economies. The U.S. EIA projects worldwide growth in electricity demand at 63 percent between 1990 and 2010, most of it in developing countries. This strong growth means that a new 500 MW power plant will be needed every three and one-half days until the year 2010. Now, if we say that a 500 MW plant will cost about $500 million dollars, we're talking about a bill of about $1 billion dollars a week - through 2010. That voracious demand for capital drives the trend to privatization. It means countries in Eastern Europe and the former Soviet Union want to sell generating assets. And Asian countries - for example, India, Indonesia and the Philippines - want to find private investors to build power plants. Privatization already is well underway. In the future, it will grow, with countries in South America, Central America, and Africa joining the trend. Bottom line: The privatization trend means rich new opportunities for companies willing to think beyond "business as usual." Meanwhile, developed economies face a different but no less fundamental change. Western European countries, the United States and Australia face deregulation. Why does deregulation represent such a big change? Consider a few basic facts about the U.S. electricity market to see what a big change -

Jan 1, 1997

By Dan Jackson

9:00 a.m., June 28, 1983 MR. MORTENSEN: Good morning ladies and gentlemen. Again, it gives me great pleasure to welcome you to another session of the 79th meeting of the Rocky Mountain Coal Mining Institute. The thing again that has always been impressive are the activities that we've had so far. The success in the meetings has been delightfully encouraging to all of our committee people. Please welcome the chairman of the session, Charlie Margolf. MR. MARGOLF: Thank you, Vernal. Good morning, ladies and gentlemen. It would be my privilege to serve as the session chairman this morning. To allow the maximum time for our speakers, I'll turn the microphone over to Bernie Bernstrom who will introduce our first speaker. MR. BERNSTROM: Thank you. As Vernal mentioned, Dan Jackson will be our first speaker. He is the Western Editor of Coal Age Magazine. Dan really doesn't need an introduction to this group. He's belonged to the Rocky Mountain Coal Mining Institute about 25 years. Dan is a native of West Virginia and he's an ex-coal miner. He graduated form West Virginia University as an electrical engineer and worked for Amherst and West Bending Coal prior to employment by Coal Age Magazine. Back in 1972 Coal Age moved him to Denver from New York City. MR. JACKSON: When Vernal Mortensen asked me speak to the members of the Rocky Mountain Coal Mining Institute earlier this year I found it impossible to say no to the guy because of what he has contributed to western coal. Little did 1 know that the subject he had in mind would be entitled, "An Outsider's View of Western Coal." At first I asked myself-I've been associated with the coal industry for some 38 years, 12 years in national operations and 26 years reporting on it. You might say that I've been married to two industries, coal and the business press for 26 years, but today I'll put on my business press hat and try to make an impression of what an outsider might think of western coal. But at the outset, let's get one thing straight: When you say press, whether it's business press, the media or whatever, and you heard some comments yesterday as far as what the media has done .to this industry and there's been some definitions bandied around as to just what an editor is. One of the most recent ones has defined an editor as a person who can talk on any subject with an open mouth. Now that's not my case. Secondly, I don't give long talks. Several years ago I was giving a rather lengthy talk to a group similar to this and it was halfway through the talk when I noticed one guy on my right looking at his watch quite frequently. I didn't mind that too much because all of us do that once in a while, but when he looked at his watch, took it off and shook it, I thought, "My God, better cut short." But for more than a decade western coal has enjoyed substantial annual increases in production from some 30,000,000 tons in 1970 to some 264,000,000 tons in 1981, but 1982 was a different story. We lost about 6,000,000 tons of production in that year. In 1983 it's expected to be a little worse than '82. Coal historically doesn't rebound from a recession as quickly as other industries. It takes about eight to 10 months longer for us to really get moving again and I'm afraid that you'll still have to don your fighting helmets and flack jackets when you go out into the market to sell your product. Western coal, as you know, has problems and al l of them are not going away when the recession ends and they won't go away overnight. I'm sure most of you are aware of what those problems are. Carl Bagge and Jim Harris, along with other speakers, at this meeting have educated us well on those problems and I'm sure you'll hear more from Jim Watt at today's luncheon. If everyone in this room were asked to list three orfourof the most serious problems facing western coal, I'd make book that the total of the answers wouldn't vary by more than 3 to 5%, if that much. But coal is not the only mining segment in the U.S. with problems. Metal and non-metal mining has its share, too. I'd like to step back into the past for a few minutes, if I may, to a time when our problems were just beginning. Since 1979 a third of the nation's mines, including coal, metal and nonmetal have been shut down. The total volume of all mining in the U.S. in that year totaled some $24 billion. Today that figure has dropped some 21 %. The after tax rate on return for mining companies has fallen from 6'/% in 1980 to minus 3% in 1983. But that's really not where our problems began. They began 20 years ago when a profound change began taking place in the U.S. economy. Our economy had been growing at about 2'/-3% annually without exception except for the great depression. Our inflation rate was about I'/%, interest rates were running about 6%, and the federal budget was $77 billion, really great figures compared to today. From 1960 to 1980 the federal budget increased almost 1.000% and taxed paid by individual families increased by 700% during that same period. Despite the huge increases in taxes, the federal deficit kept getting larger and larger year after year and within this 20 year period the national debt climbed to a trillion dollars. Economic progress of this type can't continue indefinitely without some serious consequences. The result of that economy, well, you know what happened and there is a direct relationship of that

Jan 1, 1983