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Updated: May 5, 2025
Aided by sound government policies, our expanding economy has shown the strength and flexibility for swift and almost painless reconversion from war to peace, in 1945 and 1946; for quick reaction and recovery well before Korea from the beginnings of recession in 1949.
The reorganization of the Congress in 1946; the unification of our armed services, beginning in 1947; the closer integration of foreign and military policy through the National Security Council created that same year; and the Executive reorganizations, before and after the Hoover-Acheson Commission Report in 1949 these are landmarks in our continuing endeavor to make government an effective instrument of service to the people.
The bulk of the expenditures from the loans already granted will fall in the fiscal year 1946 while the bulk of the expenditures from loans yet to be negotiated will fall in the fiscal year 1947. In view of the urgent need for the Bank's credit, I may find it necessary to request a further increase in its lending authority at a later date.
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.
I anticipate that net expenditures of the Export-Import Bank and expenditures arising from the British credit and the Bretton Woods Agreements will amount to 2,614 million dollars, including the noncash item of 950 million dollars for the fund, in the fiscal year 1946, and 2,754 million dollars in the fiscal year 1947.
Dear Bahá’í Friends: Your letter sent to our beloved Guardian from the Esslingen Bahá’í Summer School session of August 1946, brought him great joy, and he has instructed me to answer it on his behalf.
We can look to the future of agriculture with greater confidence than in many a year in the past. Agriculture itself is moving confidently ahead, planning for another year of big production, taking definite and positive steps to lead the way toward an economy of abundance. Agricultural production goals for 1946 call for somewhat greater acreage than actually was planted in 1945.
Intensive review of the war authorizations by both the executive and the legislative branches has been continued since VJ-day. As a result, the authorized war program is being brought more nearly into line with expenditures. Recisions and authorizations through the fiscal year 1946. Readjusting the war program, as the Congress well knows, is not an easy task.
So long as business does this, it will be contributing to continued prosperity, and it will have the help and encouragement of the Government. The Employment Act of 1946 pledges the Government to use all its resources to promote maximum employment, production, and purchasing power.
In the present section I shall indicate the Federal outlays which the execution of these programs may require in the fiscal years 1946 and 1947. Credits for this purpose have already been extended to Soviet Union, France, the Netherlands, and Belgium amounting to 675 million dollars.
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