We had a disappointing year in the housing industry in 1975.  But with lower interest rates and available mortgage money, we can have a healthy recovery in 1976.

A necessary condition of a healthy economy is freedom from the petty tyranny of massive government regulation.  We are wasting literally millions of working hours costing billions of taxpayers’ and consumers’ dollars because of bureaucratic redtape.  The American farmer, who now feeds 215 million Americans, but also millions worldwide, has shown how much more he can produce without the shackles of government control.

Now, we badly need reforms in other key areas in our economy:  the airlines, trucking, railroads, and financial institutions.  I have submitted concrete plans in each of these areas, not to help this or that industry, but to foster competition and to bring prices down for the consumer.

This administration, in addition, will strictly enforce the Federal antitrust laws for the very same purposes.

Taking a longer look at America’s future, there can be neither sustained growth nor more jobs unless we continue to have an assured supply of energy to run our economy.  Domestic production of oil and gas is still declining.  Our dependence on foreign oil at high prices is still too great, draining jobs and dollars away from our own economy at the rate of $125 per year for every American.

Last month, I signed a compromise national energy bill which enacts a part of my comprehensive energy independence program.  This legislation was late, not the complete answer to energy independence, but still a start in the right direction.

I again urge the Congress to move ahead immediately on the remainder of my energy proposals to make America invulnerable to the foreign oil cartel.

My proposals, as all of you know, would reduce domestic natural gas shortages; allow production from Federal petroleum reserves; stimulate effective conservation, including revitalization of our railroads and the expansion of our urban transportation systems; develop more and cleaner energy from our vast coal resources; expedite clean and safe nuclear power production; create a new national energy independence authority to stimulate vital energy investment; and accelerate development of technology to capture energy from the Sun and the Earth for this and future generations.

Also, I ask, for the sake of future generations, that we preserve the family farm and family-owned small business.  Both strengthen America and give stability to our economy.  I will propose estate tax changes so that family businesses and family farms can be handed down from generation to generation without having to be sold to pay taxes.

I propose tax changes to encourage people to invest in America’s future, and their own, through a plan that gives moderate-income families income tax benefits if they make long-term investments in common stock in American companies.