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COASTAL CEO URGES VOTERS TO HOLD GOVERNMENT OFFICIALS ACCOUNTABLE

 HOUSTON, June 11 /PRNewswire/ -- Unless the American public changes its perception of business and forces the government to become accountable, the U.S. economy will continue to just sputter along, James R. Paul, president and chief executive officer of the Coastal Corporation, told the American Association of Professional Landmen at its annual meeting here today.
 "Why is it that in America today business so often seems to be the enemy -- to politicians, to special interest groups, to intellectuals, to Hollywood and even to much of the public at large?" asked Paul.
 "What people don't realize is that only a strong, healthy industrial sector can sustain and expand a $6 trillion U.S. economy," he said. Paul explained that government, special interest groups, and academia among others don't create wealth. "The only way they can promote their pet projects is through money generated in the private sector," he said. "When business suffers, the economy suffers and there is less money to fund the social services the public enjoys."
 Paul cautioned his audience not to forget that Americans enjoy the quality of life they do today because "the business of America always has been business."
 He added that the government as well as the general public must recognize there are limits as to what costs can be imposed on businesses and individuals.
 "Apparently politicians have no sense of limit," he said. "They pass out the benefits without any sense of a bottom line. That's because they don't think they have one. They just keep extending their own `credit limit' in the form of federal deficits. The trouble is they're doing it at our expense with the federal deficit absorbing about nine-tenths of the net savings of all individuals and businesses in America."
 He added that large and small businesses alike are being taxed and regulated out of existence. He also said that there was a limit to the country's ability to finance an endless stream of deficit spending by diverting money away from private enterprise.
 Paul said many people today think of business as a vast reservoir that can be continually tapped for money without consequence. "Too many of us think that someone else -- government or business -- owes us a certain standard of living," he said. "Of course, that takes money. And we seem to have forgotten that money is created because the machinery of American business churns out the goods and services we all enjoy.
 "When business prospers -- and only when it prospers -- is there money available to provide additional wages, jobs, health insurance, on-the-job training and vacations among other benefits. When business falters, the source of money falters and our standard of living declines.
 "If we ran our businesses the same way the government conducts its business, we'd have to file for bankruptcy...It's about time the people start fighting back and demanding accountability from elected officials."
 Paul called for the audience to hold government officials accountable.
 "The problem is not with business," he said. "The problem is with a government that is bent on squeezing everybody, including business, beyond tolerable limits.
 "Too many of us are not making our voices heard. Call or write your elected officials. Express your views and make government accountable to you and your fellow citizens."
 -0- 6/11/93
 /CONTACT: Dave Scott of Coastal, 713-877-3839/
 (CGP)


CO: The Coastal Corporation ST: Texas IN: OIL SU:

GK-LR -- NY041 -- 1092 06/11/93 13:21 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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