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And our deficit in our basic transactions with the rest of the world trade, defense, foreign aid, and capital, excluding volatile short-term flows has been reduced from $2 billion for 1960 to about one-third that amount for 1961. Speculative fever against the dollar is ending and confidence in the dollar has been restored.
And our deficit in our basic transactions with the rest of the world trade, defense, foreign aid, and capital, excluding volatile short-term flows has been reduced from $2 billion for 1960 to about one-third that amount for 1961. Speculative fever against the dollar is ending and confidence in the dollar has been restored.
Each of these additional outlays is being made necessary by the surging growth of America. Let me illustrate. Responsive to this growth, Federal grants and long term loans to assist 14 major types of capital improvements in our cities will total over 2 billion dollars in 1960 double the expenditure of two years ago.
In 1940, the number of New York residents who had been born in Puerto Rico reached seventy thousand, and in 1950, it jumped to one hundred eighty seven thousand. The 1960 census showed that the Puerto Rican community of New York City, including those born in Puerto Rico as well as those born in America of Puerto Rican parentage, had reached 613,000.
Personal income is at an all-time high. The marked forward thrust of our economy reaffirms our confidence in competitive enterprise. But clearly wisdom and prudence in both the public and private sectors of the economy are always necessary. Our outlook is this: 1960 commitments for our armed forces, the Atomic Energy Commission and Military Assistance exceed 47 billion dollars.
These prospects will be brightened if 1960 expenditures do not exceed the levels recommended. Second, I shall recommend to the Congress that the Chief Executive be given the responsibility either to approve or to veto specific items in appropriations and authorization bills. This would save tax dollars.
The 1960 New York City census listed only 4 percent of its Puerto Ricans as being Negro. Nathan Glazer and Daniel P. Moynihan, in their study of this community, believed that the Puerto Rican racial attitudes may alter the racial views of the entire city and thereby have some effect on the nation. Puerto Ricans are not as race conscious as are most Americans.
Today our surging strength is apparent to everyone. 1960 promises to be the most prosperous year in our history. Yet we continue to be afflicted by nagging disorders. Among current problems that require solution are: the need to protect the public interest in situations of prolonged labor-management stalemate;
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