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Updated: June 9, 2025
Meanwhile, however, plans should be prepared if we are to act promptly when the present extraordinary private demand begins to run out. The Congress made money available to Federal agencies for their public works planning in the fiscal year 1946. I strongly recommend that this policy be continued and extended in the fiscal year 1947.
The birth of the United Nations opened to the Faith a far broader and more effective forum for its efforts toward exerting a spiritual influence on the life of society. As early as 1947, a special “Palestine Committee” of the United Nations solicited the views of the Guardian on the future of that mandated territory.
The report that we had in our files had been pieced together by Air Force Intelligence and other agencies because the two intelligence officers who started the investigation couldn't finish it. They were dead. For the Air Force the story started on July 31, 1947, when Lieutenant Frank Brown, an intelligence agent at Hamilton AFB, California, received a long-distance phone call.
Federal capital outlays for transportation facilities are expected to approximate 519 million dollars in the fiscal year 1947. State and local governments may spend 400 million dollars. Private investment, over half of it by railways, may approach 1,150 million dollars.
The possibility of further tax reductions must depend on the budgetary situation and the economic situation. The level of anticipated expenditures for the fiscal year 1947 and the volume of outstanding public debt require the maintenance of large revenues.
Today I shall outline five major economic policies which I believe the Government should pursue during 1947. These policies are designed to meet our immediate needs and, at the same time, to provide for the long-range welfare of our free enterprise system: First, the promotion of greater harmony between labor and management.
Of the several thousand UFO reports that the Air Force has received since 1947, some 15 to 20 per cent fall into this category called unknown. This means that the observer was not affected by any determinable psychological quirks and that after exhaustive investigation the object that was reported could not be identified.
These figures exclude expenditures by the Department of Agriculture on account of lend-lease, the United Nations Relief and Rehabilitation Administration, and other war expenditures. The expenditure for the fiscal year 1947 is composed of 553 million dollars for "aids to agriculture," 35 million dollars for general public works, and 196 million dollars for other services of the Department.
These conditions prevail today. Business is good and there are still powerful forces working in the direction of inflation. This is not the time for tax reduction. The fiscal year 1947 will see a continuance of war liquidation and occupation. During this period we shall also lay the foundation for our peacetime system of national defense.
Included in this estimate are 2 billion dollars of receipts from disposal and rental of surplus property and 190 million dollars of receipts from renegotiation of wartime contracts. These sources of receipts will disappear in future years. Tax collections for the fiscal year 1947 also will not yet fully reflect the reduction in corporate tax liabilities provided in the Revenue Act of 1945.
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