Economic Situation

And, my colleagues in the Congress, we cannot accomplish these goals if we make the mistake of disparaging and undermining "the system" that produces America's wealth---of casting it in the false light of an oppressor and exploiter of human beings. We are indeed all desirous of serving our fellow citizens who are in difficulty and we must serve them in such a fashion that we do not increase the ranks of unemployed. We must stop the rise in the cost of living.

It is healthy. But I assure the Congress and the American people that when this temporary and necessarily drastic action is over, we shall take all the steps needed to see that America is not again afflicted by the virus of runaway inflation. We must face the situation as it exists today.

Because the Congress has not yet enacted two of my principal legislative proposals-welfare reform and revenue sharing--I have recommended that their effective dates be postponed, 3 months for revenue sharing, x year for welfare reform.

Time is of the essence. Our third problem is that of relief. Yes, there was some inflation, 1 or 1 1/2 percent a year.

As a result of major initiatives in the field of foreign policy, I believe that as America is bringing to a conclusion the longest and most difficult war in its history, we can look forward with confidence to a generation of peace today. We can begin to reward hard work and risk-taking, by forcing this Government to live within its means. In 1960 mortgage interest rates averaged about 6 percent.

To the Congress of the United States, I extend my hand in cooperation, and I believe we can go forward in a bipartisan manner.

Now, let me show you a chart that I've had drawn to illustrate how this can be.

Achieving these goals will be in the vital interest of the United States not just for the next year, not just for the next 10 years, but for the balance of this century, and beyond. ucsb. That deficit is larger than the entire Federal budget in 1957, and so is the almost $80 billion we will pay in interest this year on the national debt.

They're hidden in the price; we aren't aware of how much tax we actually pay. Let's keep America number one in the world economically. America today is number one in the world economically.

Today the debt is 934 billion. Since the beginning of this depression, in consonance with this view, the Federal Government will have expended in excess of $1,500 million in construction and maintenance of one kind or another as against a normal program of perhaps $650 million for a similar period. Later today, in this great chamber, the Congress will pay tribute to three splendid Americans back from the moon.

I ask of you to accept such a basis of practical adjustment essential to the welfare of our people.

But it will take more, much more. The bottom line shows the increase in tax revenues.

The postponements that I have recommended in the funding of these programs have been made necessary by past legislative delays. So, again, up goes inflation. This can be and must be immediately corrected or the reaction upon our economic situation will be such as to cause great losses to our people and will still further retard recovery.

When the money supply is increased but the goods and services available for buying are not, we have too much money chasing too few goods.

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