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Updated: May 5, 2025
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.
You are, I feel confident, destined to achieve memorable victories, both in your native land and on the continent of Europe, and you should diligently and unitedly prepare yourselves for this glorious task. Persevere, redouble your efforts, and rest assured that the Beloved will bless and sustain you always. Your true brother, Shoghi 30 July 1946
There never has been there never can be successful compromise between good and evil. Only total victory can reward the champions of tolerance, and decency, and freedom, and faith. State of the Union Address Harry S. Truman January 21, 1946
Mustering-out pay is a large item of our war liquidation expense; it will total 2.5 billion dollars in the fiscal year 1946, and about 500 million dollars in the fiscal year 1947. In the fiscal year 1947 the strength of our armed forces will still be above the ultimate peacetime level.
We all know what we have done, and I shall not review in detail the steps we have taken. Each major step was a milepost in the developing unity, strength and resolute will of the free nations. The first was the determined and successful effort made through the United Nations to safeguard the integrity and independence of Iran in 1945 and 1946.
Although the average farmer is now better off than ever before, farm families as a whole have only begun to catch up with the standards of living enjoyed in the cities. In 1946, the average income of farm people was $779, contrasted with an average income of $1,288 for nonfarm people. Within the next decade, we should eliminate elements of inequality in these living standards.
As matters stand today, however, food prices are pressing hard against the ceilings. The expected decline in food prices has not occurred, nor is it likely to occur for many months to come. This brings me to the reluctant conclusion that food subsidies must be continued beyond June 30, 1946.
Early in 1945 the Congress made available advances to State and local governments for planning public works projects, and recently made additional provision to continue these advances through the fiscal year 1946. I believe that further appropriations will be needed for the same purpose for the fiscal year 1947. The Congress has already made provision for highway programs.
Thus, after a long period of increasing public debt resulting from depression budgets and war budgets, it is anticipated that no increase in the Federal debt will be required next year. Fiscal year Expenditures: 1946 1947 Defense, war, and war liquidation $49,000 $15,000 Aftermath of war: Veterans, interest, refunds 10,813 10,793 Other activities 4,552 5,813
In this connection the Bank has established a fund of 100 million dollars to finance the export of cotton from the United States. The Export-Import Bank has thus loaned or committed approximately 1,300 million dollars during the current fiscal year and it is expected that demands on its resources will increase in the last 6 months of the fiscal year 1946.
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