But in 1984 the outlook was bright for America. And perceptions were correct--as we were in the early part an eight-year long period of robust economic growth.
The outlook on Labor Day weekend 1984 is for a continuation of strong, steady economic growth, more jobs, and low inflation. We still have great challenges to meet, which I'll speak about in a moment. But we should also recognize the progress we've made together. It's an important source of confidence and inspiration for our future.
In the last 19 months, the jobless rate has fallen farther and faster then any recovery in the last 30 years. We've seen the creation of 6 1/2 million new jobs. The United States has created, on average, more jobs each month than all the Common Market countries combined in the last 10 years. The Europeans are calling our success the American miracle.
A case in point is the automobile industry. Unemployment peaked at 28 percent in 1980. By this July, auto industry unemployment was down to 6.1 percent, and there were 153,000 more people at work in auto industry jobs than 4 years ago.
A key reason the job growth has been so strong is our success in keeping inflation down. We haven't seen unemployment and inflation drop during any term since the Kennedy administration. And we're determined to bring inflation further down, just as we're determined to simplify our tax system so we can bring your tax rates further down, not up, as my opponent would do, harming the growth and progress we've made.