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For the four fiscal years from July 1, 1946, to June 30, 1950, we had a net surplus of 4.3 billion dollars. Using this surplus, and the Treasury's excess cash reserves, the debt was reduced substantially, reaching a low point of 251 billion dollars in June, 1949, and ending up at 257 billion dollars on June 30, 1950.
In the vigorous and effective development of peaceful uses of atomic energy rests our hope that this new force may ultimately be turned into a blessing for all nations. In 1946 the Army and Navy completed the demobilization of their wartime forces. They are now maintaining the forces which we need for national defense and to fulfill our international obligations.
1946: Following a plebiscite King George II returned to Greece at the end of September and appointed Panayis Tsaldaris as his Prime Minister. My unit was a section of the Press Department of the British Embassy. I think the choice of title was a rather unfortunate mistake. The English words 'information' and 'intelligence' have only one equivalent word in Greek pliroforiesq.
The lands involved in this program can contribute fully to the national welfare only when brought into the national forest system for protection and development. Such programs as those of the farm Security Administration and the farm Credit Administration are estimated to be continued during the fiscal year 1947 at about the same level as in the fiscal year 1946.
How much of this action sprang from internal motivation and how much resulted from the pressure of world opinion is a matter of conjecture. In any case, the Truman Administration deliberately created an atmosphere favorable to changing race relations within America. In 1946 Truman appointed a comittee on civil rights which, after intensive study, published its report, To Secure These Rights.
Point number three is the broadening of our program of social legislation to alleviate the causes of workers' insecurity. On June 11, 1946, in my message vetoing the Case Bill, I made a comprehensive statement of my views concerning labor-management relations.
The remaining 950 million dollars will be paid initially in the form of non-interest-bearing notes issued by the Secretary of the Treasury. It is not anticipated that the fund will require in cash any of the 950 million dollars during the fiscal years 1946 and 1947. Consequently, no cash withdrawals from the Treasury will be required in connection with the fund in these years.
I shall ask Congress to amend the Employment Act of 1946 to make it clear that Government intends to use all appropriate means to protect the buying power of the dollar. I am establishing a continuing Cabinet group on Price Stability for Economic Growth to study governmental and private policies affecting costs, prices, and economic growth.
Tenants and housewives, farmers and workers consumers in general have an equal right. We are all anxious to eliminate unnecessary controls just as rapidly as we can do so. The steps that we have already taken in many directions toward that end are a clear indication of our policy. The present Price Control Act expires on June 30, 1946.
Long-term care will become a bigger and bigger challenge with the aging of America and we must do more to help our families deal with it. I was born in 1946, the first year of the baby boom.
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